Rent vs buy in Cleveland, OH
In Cleveland, Ohio, the typical rent is $1,359 /mo and the typical home value is $115,810.
Over 7 years, buying wins by $49k
Today's mortgage rate, 20% down, and Cleveland's typical rent and home value. Break-even happens in year 2.
Opinion, clearly labelled, math shown. These are estimates, not quotes. Adjust any number and the stamp updates.
- Owning leads by
- $49k after 7 years
- Break-even point
- year 2 when owning catches up
- What owning really costs
- $1,134 /mo year 1, against $1,359 rent
Change my numbers
The stamp is built on Cleveland's typical rent and on the typical home value. Your years, your price and your rent can flip it.
Do your numbers differ from the city's?
Enter the rent, price and down payment of your choice. Those figures change the stamp.
Is it cheaper to rent or buy in Cleveland?
Buying comes out $48,871 cheaper over 7 years once you count what you get back when you sell. In year 2 owning's net cost falls under renting's and stays lower.
Renting. Owning. Running net cost, year by year.
Cleveland's average rent vs mortgage payment
Rent and the mortgage only tell part of the story. Here are all monthly costs in year 1, using Cleveland's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,359 | All of it, every month |
| Mortgage payment | $631 | $557 of it is interest in year 1 |
| Property tax | $167 | 1.73% of the value a year |
| Insurance | $78 | Census median for the city |
| Upkeep | $97 | 1% of the value a year |
| Owning, cash out | $973 | $75 of it builds equity |
| Lost return on the down payment | $188 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $48 | 3.5% of the price over 7 years |
| True cost of owning | $1,134 | Cash paid out, minus the equity portion, plus the two rows listed above. |
Cleveland verdict, by the numbers
- Typical home value, Zillow ZHVI, September 2026
- $115,810
- Typical rent, Zillow ZORI, September 2026
- $1,359 /mo
- Down payment: 20% avoids private mortgage insurance, and the engine leaves it out of the model.
- 20%
- Mortgage rate: Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home prices: FHFA index of home prices, Ohio, 1995 to 2025
- 3.5% each year
- Rent growthYearly growth in the CPI measure for rent of primary residence, 2006 to 2026
- 3.5% each year
- Savings return: 60% S&P 500 with dividends, 40% 10-year Treasuries, rebalanced each year, 1928 to 2025
- 8.3% each year
- Tax on the property: Census ACS 2020-2024, Cleveland
- 1.73% of the value
- Insurance for the home: Census ACS 2020-2024, Cleveland
- $78 a month
- Upkeep costs: Fannie Mae, the low end of the 1% to 4% range
- 1% of the value each year
- Costs of buying: Freddie Mac, middle of the 2% to 5% range
- 3.5% of the price
- Selling expenses: Agent commission plus closing costs
- 6% of the price
What could change the Cleveland result?
Each line shows where the 7-year Cleveland verdict flips. All other inputs stay as they are.
Renting comes out ahead when
- Your mortgage rate stays above 14.63%.
- A comparable home rents below $840 a month (the typical figure here is $1,359).
- Your move comes before year 2.
Buying comes out ahead when
- You lock in a rate under 14.63% (today's is 7.24%).
- That same home would cost more than $840 a month to rent.
- You remain for 2 years or longer.
How Cleveland stacks up against 812 other cities
| Measure | Cleveland | Median city |
|---|---|---|
| Typical home value | $115,810 | $422,451 |
| Typical rent | $1,359 /mo | $1,837 /mo |
| Price-to-rent ratio | 7.1 (#807 of 813) | 18.5 |
| Home prices, last 10 years | 7.1% a year | 6.2% a year |
| Rents, last 5 years | 6.3% a year | 4% a year |
| Property tax | 1.73% | 0.87% |
| Households that rent | 58% | 42% |
Other Ohio cities
- Rent. Columbus, OH. renting is ahead by $12k.
- Rent. Cincinnati, OH. renting is ahead by $19k.
- Buy. Toledo, OH. buying is ahead by $21k.
- Buy. Akron, OH. buying is ahead by $19k.
- Buy. Dayton, OH. buying is ahead by $25k.
- Rent. Parma, OH. renting is ahead by $25k.
- Toss-up. Canton, OH. too close to call, with rent ahead by $2k.
- Buy. In Lorain, OH, ownership comes out $7k ahead.
- Rent. Hamilton, OH. renting is ahead by $44k.
- Buy. Youngstown, OH. buying is ahead by $54k.
- Toss-up. Springfield, OH. a narrow gap, with rent $713 ahead.
- Rent. In Kettering, OH, the tenant wins out by $34k.