Rent vs Buy in State College, PA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in State College, PA
Price-to-rent ratio is 24.3 (under 15 favors buying, over 21 favors renting). Renting costs $1,431/mo; owning runs about $3,117/mo — $1,686/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $2,212 |
| Property tax | $383 |
| Home insurance | $174 |
| Maintenance | $348 |
| Total to own | $3,117 |
| Average 2BR rent | $1,431 |
Based on a median home value of $417,768 with a $83,554 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.