Rent vs buy in Harrisonburg, VA
In Harrisonburg, Virginia, typical rent is $1,720 /mo and a typical home costs $351,999.
Over 7 years, renting comes out ahead by $5 thousand
With Harrisonburg's typical rent and home value, plus 20% down and the current mortgage rate. Year 8 marks the break-even point.
A clearly labeled opinion with the math shown. These are estimates, not quotes. The stamp changes when you change a number.
- How far renting leads
- $5k after 7 years
- When the costs break even
- In year 8 when owning catches up
- Full cost of home ownership
- Per month: $3,000 year 1, against $1,720 rent
Change my numbers
The stamp relies on Harrisonburg's typical figures for rent and home value. Change your rent, price or years, and the result can flip.
Do these figures differ from the city's?
Add the rent, price and down payment you want. Changing those figures also changes the stamp.
Is renting or buying cheaper in Harrisonburg?
Over 7 years, renting saves $5,455, including the money returned to you when you sell. For the first 7 years, renting costs less. By year 8, owning catches up.
The answer is renting. Cost of owning. Net cost through each year.
In Harrisonburg, average rent versus mortgage payment
At Harrisonburg's typical price, every monthly cost during year 1 is listed, because rent and the mortgage don't tell the whole story.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,720 | All of it, every month |
| Mortgage payment | $1,919 | $1,692 of it is interest in year 1 |
| Property tax | $223 | 0.76% of the value a year |
| Insurance | $73 | Census median for the city |
| Upkeep | $293 | 1% of the value a year |
| Owning, cash out | $2,508 | $228 of it builds equity |
| Lost return on the down payment | $572 | At 8.3% a year, this is what the cash would earn. |
| Buying costs, spread out | $147 | 3.5% of the price over 7 years |
| True cost of owning | $3,000 | Cash out minus the equity portion, plus the two entries above |
The figures behind Harrisonburg's verdict
- Typical home valueZillow ZHVI, September 2026
- $351,999
- Typical rentZillow ZORI, September 2026
- $1,720 /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, Virginia, 1995 to 2025
- 4.6% 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, Harrisonburg
- 0.76% of value
- Home insuranceCensus ACS 2020-2024, Harrisonburg
- $73 /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 Harrisonburg?
Each line marks where the verdict over 7 years flips in Harrisonburg, while every other factor stays as it is.
Renting comes out ahead when
- Home prices grow by less than 4.8% a year (our calculation uses 4.6%, Virginia's rate over the long run).
- This condition means the mortgage rate remains above 6.97%.
- A comparable home has a monthly rent under $1,780 (here, the typical rent is $1,720).
- Your move occurs before year 8.
When buying comes out ahead
- Home prices rise by more than 4.8% a year.
- Locking a mortgage rate under 6.97% meets this condition. Today's rate is 7.24%.
- The same home would rent for more than $1,780 a month.
- You remain in the home for 8 years or longer.
Harrisonburg compared with the other 812 cities
| Measure | Harrisonburg | Median city |
|---|---|---|
| Typical home value | $351,999 | $422,451 |
| Typical rent | $1,720 /mo | $1,837 /mo |
| Price-to-rent ratio | 17.1 (#489 of 813) | 18.5 |
| Home prices, last 10 years | 4.9% a year | 6.2% a year |
| Rents, last 5 years | 8% a year | 4% a year |
| Property tax | 0.76% | 0.87% |
| Households that rent | 61% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Cities elsewhere in Virginia
- Rent. Virginia Beach, VA. Renting saves $9k.
- Rent. Chesapeake, VA. Renting saves $12k.
- Rent. Richmond, VA. Renting saves $24k.
- Buy. Norfolk, VA. Buying saves $6k.
- A close result. Newport News, VA. Buying is ahead by $2k.
- Rent. Alexandria, VA. Renting is ahead by $106k.
- Buy. Hampton, VA. Buying saves $18k.
- A close result. Suffolk, VA. Renting is ahead by $1k.
- Rent. Roanoke, VA. Renting is ahead by $10k.
- Buy. Portsmouth, VA. Buying saves $18k.
- Rent. Lynchburg, VA. Renting saves $8k.