Rent vs buy in Lansing, MI
In Lansing, Michigan, typical rent is $1,197 /mo, while a typical home is $166,379.
It's a toss-up, with a $1,505 difference over 7 years
Today's mortgage rate is used with Lansing's typical rent and home value, and a 20% down payment. The break-even point is year 7.
An opinion with a clear label and the math shown. These are estimates, not quotes. The stamp changes whenever a number changes.
- Gap
- $2k after 7 years
- Break-even point
- year 7 when owning catches up
- Full cost of ownership
- $1,646 /mo year 1, against $1,197 rent
Change my numbers
Lansing's typical rent and home value drive the stamp. Your rent, price and number of years can change the result.
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Enter your rent, price and down payment. Your entries change the stamp.
Is it cheaper to rent or buy in Lansing?
The choices are within $1,505 of each other over 7 years, so small changes decide which one costs less. In year 7, owning's net cost falls below renting's net cost and remains lower.
Renting. Owning. Net cost so far for each year.
Lansing's average rent compared with its mortgage payment
Rent and mortgage payments don't cover the full story. Here are all monthly costs in year 1 using Lansing's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,197 | All of it, every month |
| Mortgage payment | $907 | $800 of it is interest in year 1 |
| Property tax | $293 | 2.11% of the value a year |
| Insurance | $76 | Census median for the city |
| Upkeep | $139 | 1% of the value a year |
| Owning, cash out | $1,414 | $108 of it builds equity |
| Lost return on the down payment | $270 | If the cash earned 8.3% a year, this would be the amount |
| Buying costs, spread out | $69 | 3.5% of the price over 7 years |
| True cost of owning | $1,646 | Take cash out, subtract the equity part and add the two lines above |
The figures behind Lansing's result
- Typical home valueZillow ZHVI, September 2026
- $166,379
- Typical rentZillow ZORI, September 2026
- $1,197 /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, Michigan, 1995 to 2025
- 3.8% 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, Lansing
- 2.11% of value
- Home insuranceCensus ACS 2020-2024, Lansing
- $76 /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 which option wins in Lansing?
Each line marks where Lansing's 7-year result changes, with all other factors held constant.
Renting costs less when
- Prices for homes rise at under 3.7% a year, and the figure we use is 3.8%, Michigan's rate over the long run.
- The rate on the mortgage holds above 7.40%.
- A similar home rents for under $1,180 a month, compared with the typical $1,197 here.
- Your move happens before year 7
Buying costs less when
- Home prices rise more than 3.7% a year.
- You secure a mortgage rate under 7.40%, compared with today's 7.24%.
- You would pay more than $1,180 a month to rent the same home.
- You remain for at least 7 years.
How Lansing compares with 812 other cities
| Measure | Lansing | Median city |
|---|---|---|
| Typical home value | $166,379 | $422,451 |
| Typical rent | $1,197 /mo | $1,837 /mo |
| Price-to-rent ratio | 11.6 (#771 of 813) | 18.5 |
| Home prices, last 10 years | 7.8% a year | 6.2% a year |
| Rents, last 5 years | 5.4% a year | 4% a year |
| Property tax | 2.11% | 0.87% |
| Households that rent | 46% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Michigan cities
- For Detroit, MI, buying wins by $72k.
- For Grand Rapids, MI, renting wins by $20k.
- For Warren, MI, buying wins by $7k.
- For Sterling Heights, MI, renting wins by $32k.
- For Ann Arbor, MI, renting wins by $124k.
- For Dearborn, MI, buying wins by $18k.
- For Livonia, MI, renting wins by $26k.
- For Troy, MI, renting wins by $89k.
- For Farmington Hills, MI, renting wins by $95k.
- For Westland, MI, renting wins by $7k.
- For Flint, MI, buying wins by $39k.
- For Wyoming, MI, renting wins by $23k.