Rent vs buy in Elyria, OH
Typical rent is $1,176 /mo, and the typical home costs $186,585 in Elyria, Ohio.
Over 7 years, renting comes out $7k ahead.
Based on Elyria's typical rent and home value, plus 20% down and today's mortgage rate. The break-even point arrives in year 10.
Our clearly labeled opinion includes the math. These figures are estimates, not quotes. Change any number and the stamp changes with it.
- Ahead with renting
- $7k after 7 years
- When costs balance
- year 10 when owning catches up
- Actual cost of owning
- $1,726 /mo year 1, against $1,176 rent
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Is renting or buying cheaper in Elyria?
Over 7 years, renting costs $6,756 less after counting the money you get back when you sell. For the first 9 years, renting costs less. By year 10, owning has caught up.
Renting. Owning. Net cost through each year.
Average rent compared with the mortgage payment in Elyria
At Elyria's typical price, here are all monthly costs in year 1. Rent and the mortgage don't tell the whole story.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,176 | All of it, every month |
| Mortgage payment | $1,017 | $897 of it is interest in year 1 |
| Property tax | $211 | 1.36% of the value a year |
| Insurance | $81 | Census median for the city |
| Upkeep | $155 | 1% of the value a year |
| Owning, cash out | $1,465 | $121 of it builds equity |
| Lost return on the down payment | $303 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $78 | 3.5% of the price over 7 years |
| True cost of owning | $1,726 | Cash out, equity part removed, then both earlier lines added. |
The Elyria verdict in numbers
- Typical home valueZillow ZHVI, September 2026
- $186,585
- Typical rentZillow ZORI, September 2026
- $1,176 /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, Ohio, 1995 to 2025
- 3.5% 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, Elyria
- 1.36% of value
- Home insuranceCensus ACS 2020-2024, Elyria
- $81 /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 flip the result in Elyria?
Each line marks a turning point for Elyria's 7-year verdict; all other inputs stay the same.
Renting comes out ahead if
- Each year, home prices grow by less than 4.0% (our figure is 3.5%, Ohio's rate over the long run).
- The rate for mortgages remains above 6.60%.
- For a similar home, monthly rent is under $1,250 (local typical: $1,176).
- Moving before year 10.
Conditions that favor buying
- Home prices increase by more than 4.0% each year.
- You secure a mortgage rate under 6.60%; today's rate is 7.24%.
- You'd pay more than $1,250 a month to rent that same home.
- You remain in the home for 10 years or more.
How Elyria compares with 812 other cities
| Measure | Elyria | Median city |
|---|---|---|
| Typical home value | $186,585 | $422,451 |
| Typical rent | $1,176 /mo | $1,837 /mo |
| Price-to-rent ratio | 13.2 (#714 of 813) | 18.5 |
| Home prices, last 10 years | 7.3% a year | 6.2% a year |
| Property tax | 1.36% | 0.87% |
| Households that rent | 40% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other cities across Ohio
- Within OH, the Columbus comparison favors renting by $12k.
- Within OH, the Cleveland comparison favors buying by $49k.
- Within OH, the Cincinnati comparison favors renting by $19k.
- Within OH, the Toledo comparison favors buying by $21k.
- Within OH, the Akron comparison favors buying by $19k.
- Within OH, the Dayton comparison favors buying by $25k.
- Within OH, the Parma comparison favors renting by $25k.
- For Canton in OH, it's a toss-up with renting ahead by $2k.
- Within OH, the Lorain comparison favors buying by $7k.
- Within OH, the Hamilton comparison favors renting by $44k.
- Within OH, the Youngstown comparison favors buying by $54k.
- Toss-up. Springfield, OH. The result is a toss-up, and renting leads by $713.