Rent vs buy in Greenwood, IN
In Greenwood, Indiana, the typical rent is $1,554 /mo and the typical home is $325,851.
Renting comes out ahead by $33k over 7 years
Greenwood's typical rent and typical home value, with a 20% down payment and the mortgage rate as it stands today. The two options even out in year 17.
An opinion, clearly labelled, with the math shown. These are estimates, not quotes. Adjust one number and the stamp updates.
- Renting leads by
- $33k after 7 years
- Break-even point
- Year 17 when owning catches up
- What owning really costs
- $2,790 /mo year 1, against $1,554 rent
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In Greenwood, is it cheaper to rent or to buy?
Over 7 years, renting costs $32,948 less, once you count what you get back from selling. For the first 16 years, renting costs less. In year 17, owning catches up.
Renting. Owning. Net cost to date, by year.
Average rent compared with the mortgage payment in Greenwood
Rent and the mortgage payment aren't the whole story. Here are all the monthly costs in year 1, using Greenwood's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,554 | All of it, every month |
| Mortgage payment | $1,777 | $1,566 of it is interest in year 1 |
| Property tax | $190 | 0.7% of the value a year |
| Insurance | $97 | Census median for the city |
| Upkeep | $272 | 1% of the value a year |
| Owning, cash out | $2,335 | $211 of it builds equity |
| Lost return on the down payment | $530 | What that money would earn yearly at 8.3%. |
| Buying costs, spread out | $136 | 3.5% of the price over 7 years |
| True cost of owning | $2,790 | Cash out minus the equity share, plus the two lines listed above. |
Greenwood's verdict, and the numbers behind it
- Typical home priceZillow ZHVI, September 2026
- $325,851
- Typical rent dataZillow ZORI, September 2026
- $1,554 a month
- Down payment: 20% keeps private mortgage insurance out of the picture; the engine does not model it.
- 20%
- Rate on the mortgage: Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home prices: FHFA index of house prices, Indiana, 1995 to 2025
- 3.7% per year
- Growth in rents: Yearly CPI growth for rent of primary residence, 2006 to 2026
- 3.5% per year
- Savings return60% 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, Greenwood
- 0.7% of the home's value
- Insurance on the home: Census ACS 2020-2024, Greenwood
- $97 a month
- Upkeep: Fannie Mae, 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 a home costs: Agent commission and closing costs
- 6% of the price
What would flip the result in Greenwood?
In Greenwood, each line marks where the 7-year verdict changes while every other factor stays the same.
Renting comes out ahead when
- Home prices growing slower than 5.0% a year (our figure: 3.7%, based on Indiana's long-run pace).
- The mortgage rate holds above 5.44%.
- A comparable home here rents under $1,910 a month (typical: $1,554).
- Before year 17, you move.
Buying comes out ahead when
- Home prices grow at more than 5.0% a year.
- You lock in a mortgage rate under 5.44% (today's rate is 7.24%).
- For the same place, rent would run over $1,910 a month.
- You stay for 17 years or more.
How Greenwood compares with the other 812 cities
| Measure | Greenwood | Median city |
|---|---|---|
| Typical home value | $325,851 | $422,451 |
| Typical rent | $1,554 /mo | $1,837 /mo |
| Price-to-rent ratio | 17.5 (#469 of 813) | 18.5 |
| Home prices, last 10 years | 6.3% a year | 6.2% a year |
| Rents, last 5 years | 3.9% a year | 4% a year |
| Property tax | 0.70% | 0.87% |
| Households that rent | 41% | 42% |
Data from: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Indiana cities
- Toss-up. Indianapolis, IN. Renting holds a $2k edge.
- Rent wins here. Bloomington, IN. Renting comes out ahead by $9k.
- Renting wins by $62k. Noblesville, IN.
- Renting wins by $24k. Lafayette, IN.