Rent vs buy in Evansville, IN
In Evansville, Indiana, the typical rent is $1,058 /mo and the typical home is $203,571.
Renting comes out $17k ahead over 7 years
Using 20% down and today's mortgage rate, the calculation reflects Evansville's typical home value and rent. Break-even comes in year 14.
An opinion, clearly labeled, with the math shown. The figures are estimates, not quotes. The stamp changes when you change a number.
- Renting leads by
- $17k after 7 years
- Break-even point
- at year 14 when owning catches up
- Full ownership cost
- Monthly: $1,789 year 1, against $1,058 rent
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For Evansville's market, the stamp uses typical rent and home value. Your rent, price and years may flip the result.
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Is it cheaper to rent or buy in Evansville?
If you include the money returned when you sell, renting costs $16,501 less over 7 years. Renting costs less during the first 13 years. Owning catches up during year 14.
Renting. Owning. Net cost by year so far.
Comparing average rent and mortgage payments in Evansville
Rent and mortgage payments don't tell the full story. Here are all monthly costs in year 1 using Evansville's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,058 | All of it, every month |
| Mortgage payment | $1,110 | $978 of it is interest in year 1 |
| Property tax | $137 | 0.81% of the value a year |
| Insurance | $88 | Census median for the city |
| Upkeep | $170 | 1% of the value a year |
| Owning, cash out | $1,505 | $132 of it builds equity |
| Lost return on the down payment | $331 | At 8.3% a year, that's what the cash would earn. |
| Buying costs, spread out | $85 | 3.5% of the price over 7 years |
| True cost of owning | $1,789 | Subtract the equity part from cash out, then add the two lines above. |
The data behind Evansville's verdict
- Typical value for a home Zillow ZHVI, September 2026
- $203,571
- Typical rent: Zillow ZORI, September 2026
- $1,058 /mo
- With 20% down, private mortgage insurance is avoided. The engine doesn't model it.
- 20%
- Rate for home mortgages Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home prices FHFA index of house prices, Indiana, 1995 to 2025
- Each year: 3.7%
- Growth in rent CPI for primary residence rent, yearly growth 2006 to 2026
- Each year: 3.5%
- What savings earn60% S&P 500 with dividends, 40% 10-year Treasuries, rebalanced each year, 1928 to 2025
- Each year: 8.3%
- Tax on property Census ACS 2020-2024, Evansville
- 0.81% of the value
- Insurance for a home Census ACS 2020-2024, Evansville
- Each month: $88
- UpkeepFannie Mae, lower end of 1% to 4%
- Each year, 1% of value.
- Purchase costs Freddie Mac, midpoint of 2% to 5%
- 3.5% applies to the price.
- Costs to sell An agent's commission and closing costs
- 6% applies to the price.
What would flip the result in Evansville?
For the 7-year Evansville result, each line shows where it changes while all other assumptions stay fixed.
Renting wins if
- Annual home price growth is under 4.7%. The calculation uses 3.7%, Indiana's long-term rate.
- The mortgage rate remains higher than 5.80%.
- A similar home rents below $1,230 monthly (the local typical is $1,058).
- Your move happens before year 14.
Buying wins if
- Home prices grow by more than 4.7% a year.
- You secure a mortgage rate under 5.80%. The current rate is 7.24%.
- Monthly rent for that same home would exceed $1,230.
- You remain there for at least 14 years.
How Evansville compares with the other 812 cities
| Measure | Evansville | Median city |
|---|---|---|
| Typical home value | $203,571 | $422,451 |
| Typical rent | $1,058 /mo | $1,837 /mo |
| Price-to-rent ratio | 16.0 (#552 of 813) | 18.5 |
| Home prices, last 10 years | 6.4% a year | 6.2% a year |
| Rents, last 5 years | 5.4% a year | 4% a year |
| Property tax | 0.81% | 0.87% |
| Households that rent | 45% | 42% |
Sources: Zillow ZHVI data, ZORI, Census ACS 2020-2024.
Other Indiana cities
- Toss-up. Indianapolis, IN. Renting leads by $2k, so the result is close.
- Rent: Fort Wayne, IN. The $20k gap favors renting.
- Rent: Fishers, IN. The $70k advantage goes to renting.
- Buy: South Bend, IN. The $4k advantage goes to buying.
- Rent: Carmel, IN. The $143k gap favors renting.
- Rent. Bloomington, IN. Renting wins by $9k there.
- Buy. Hammond, IN. Buying wins by $37k there.
- Rent. Noblesville, IN. Renting wins by $62k there.
- Rent. Lafayette, IN. Renting wins by $24k there.
- Rent. Greenwood, IN. Renting comes out ahead by $33k.
- Buy. Gary, IN. Buying comes out ahead by $72k.
- Buy. Muncie, IN. Buying comes out ahead by $8k.