Rent vs buy in Cranston, RI

In Cranston, Rhode Island, typical rent is $2,092 /mo and the typical home price is $454,927.

Rent

Renting comes out ahead by $29k over 7 years

Today's mortgage rate combines with Cranston's typical rent and home value, assuming 20% down. The break-even point falls in year 11.

An opinion, clearly labeled, with the math shown. These figures are estimates, not quotes. The stamp changes when you change a number.

Amount by which renting is ahead: $29k
Break-even point: year 11
Full cost of ownership: $4,133 /mo

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Cranston's typical rent and home value are used for the stamp. Your rent, price and time period may change the result.

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In Cranston, is renting or buying less expensive?

When you include the money returned after selling, renting costs $28,796 less over 7 years. For the first 10 years, renting costs less. In year 11, owning catches up.

Renting. Owning. Net cost by year so far.

Average rent compared with mortgage payment in Cranston

Rent and mortgage payments don't tell the whole story. Here's every monthly cost for year 1 at Cranston's typical price.

Each month, year 1	Amount	What it is
Rent	$2,092	All of it, every month
Mortgage payment	$2,480	$2,186 of it is interest in year 1
Property tax	$512	1.35% of the value a year
Insurance	$127	Census median for the city
Upkeep	$379	1% of the value a year
Owning, cash out	$3,498	$294 of it builds equity
Lost return on the down payment	$739	What the cash would bring in at 8.3% a year
Buying costs, spread out	$190	3.5% of the price over 7 years
True cost of owning	$4,133	Cash out, after subtracting the equity part and adding the two lines above.

Numbers behind the Cranston result

Typical home valueZillow ZHVI, September 2026: $454,927
Typical rentZillow ZORI, September 2026: $2,092 /mo
Down payment20% avoids private mortgage insurance, which the engine does not model: 20%
Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US): 7.24%
Home price growthFHFA house price index, Rhode Island, 1995 to 2025: 5% a year
Rent growthCPI rent of primary residence, yearly growth 2006 to 2026: 3.5% a year
Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025: 8.3% a year
Property taxCensus ACS 2020-2024, Cranston: 1.35% of value
Home insuranceCensus ACS 2020-2024, Cranston: $127 /mo
MaintenanceFannie Mae, low end of 1% to 4%: 1% of value a year
Buying costsFreddie Mac, middle of 2% to 5%: 3.5% of price
Selling costsAgent commission plus closing costs: 6% of price

What would change the Cranston result?

Each line marks when Cranston's 7-year verdict changes; everything else remains as it is.

Renting comes out ahead when

Home prices rise by less than 5.8% each year (we use 5%, based on Rhode Island's rate over the long run).
The mortgage rate remains above 6.12%.
Monthly rent on a home like this comes to under $2,400 (typical here: $2,092).
Your move happens before year 11.

When buying comes out ahead

Home prices increase by more than 5.8% each year.
A mortgage rate below 6.12% is locked in (today's is 7.24%).
Renting that same home would cost more than $2,400 each month.
Your stay lasts at least 11 years.

How Cranston compares with the other 812 cities

Measure	Cranston	Median city
Typical home value	$454,927	$422,451
Typical rent	$2,092 /mo	$1,837 /mo
Price-to-rent ratio	18.1 (#427 of 813)	18.5
Home prices, last 10 years	7.3% a year	6.2% a year
Rents, last 5 years	7% a year	4% a year
Property tax	1.35%	0.87%
Households that rent	32%	42%

Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.

Other cities in the state of Rhode Island

Rent. Providence, RI figures show renting wins by $6k.

Rent vs buy in Rhode Island: the state's numbers