Rent vs Buy in Springfield, OH
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Springfield, OH
Price-to-rent ratio is 15.0 (under 15 favors buying, over 21 favors renting). Renting costs $1,061/mo; owning runs about $1,423/mo — $362/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,010 |
| Property tax | $175 |
| Home insurance | $79 |
| Maintenance | $159 |
| Total to own | $1,423 |
| Average 2BR rent | $1,061 |
Based on a median home value of $190,723 with a $38,145 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.