Rent vs Buy in Springfield, MA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Springfield, MA
Price-to-rent ratio is 16.9 (under 15 favors buying, over 21 favors renting). Renting costs $1,496/mo; owning runs about $2,270/mo — $774/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,611 |
| Property tax | $279 |
| Home insurance | $127 |
| Maintenance | $254 |
| Total to own | $2,270 |
| Average 2BR rent | $1,496 |
Based on a median home value of $304,229 with a $60,846 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.