Rent vs Buy in Scranton, PA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Scranton, PA
Price-to-rent ratio is 14.1 (under 15 favors buying, over 21 favors renting). Renting costs $1,123/mo; owning runs about $1,420/mo — $297/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,008 |
| Property tax | $174 |
| Home insurance | $79 |
| Maintenance | $159 |
| Total to own | $1,420 |
| Average 2BR rent | $1,123 |
Based on a median home value of $190,307 with a $38,061 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.