Rent vs buy in Lawrence, KS
In Lawrence, Kansas, typical rent is $1,580 /mo and the typical home value is $332,513.
Renting comes out ahead by $45k across 7 years
Using 20% down and today's mortgage rate, the figures reflect Lawrence's typical home value and rent. The break-even year is 23.
Clearly labelled opinion, with the math shown. These are estimates, not quotes. The stamp changes whenever you change a number.
- Renting leads by
- $45k after 7 years
- Point where costs balance
- year 23 when owning catches up
- True ownership cost
- $3,045 each month year 1, against $1,580 rent
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In Lawrence, is renting or buying cheaper?
Renting costs $44,641 less over 7 years, including the money you get back when you sell. For the first 22 years, renting costs less. In year 23, owning catches up.
Rent Home ownership. Net cost by year so far
How average rent compares with mortgage payments in Lawrence
Rent and mortgage payments don't tell the full story. Here are all monthly costs during year 1 using Lawrence's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,580 | All of it, every month |
| Mortgage payment | $1,813 | $1,598 of it is interest in year 1 |
| Property tax | $346 | 1.25% of the value a year |
| Insurance | $145 | Census median for the city |
| Upkeep | $277 | 1% of the value a year |
| Owning, cash out | $2,581 | $215 of it builds equity |
| Lost return on the down payment | $540 | At 8.3% a year, that's what the cash would earn. |
| Buying costs, spread out | $139 | 3.5% of the price over 7 years |
| True cost of owning | $3,045 | Cash out minus the equity part, then add the two lines above. |
Figures behind the Lawrence verdict
- Typical value for a homeZillow ZHVI, September 2026
- $332,513
- Typical amount for rentZillow ZORI, September 2026
- $1,580 each month
- The engine doesn't model private mortgage insurance, but 20% down avoids it.
- 20%
- Rate used for the mortgageFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- FHFA house-price index, Kansas, 1995 through 2025 for home price growth
- 4% each year
- Growth in rent each yearCPI rent of primary residence, annual growth 2006 to 2026
- Each year: 3.5%
- Savings return: S&P 500 with dividends at 60% and 10-year Treasuries at 40%, rebalanced yearly, 1928 to 2025
- Each year: 8.3%
- Property tax: Census ACS 2020-2024, Lawrence
- 1.25% of the property's value
- Home insurance: Census ACS 2020-2024, Lawrence
- Monthly cost: $145
- Maintenance: Fannie Mae, low end of 1% to 4%
- Each year: 1% of value
- Purchase costs: Freddie Mac midpoint, 2% to 5%.
- Share of price: 3.5%
- Selling costs: Agent commission and closing costs
- 6% of the price
In Lawrence, what would flip it?
Every line marks where Lawrence's 7-year result changes, while all other figures remain the same.
Renting comes out ahead when
- Our home-price growth assumption is 4%, Kansas's long-run rate, with prices rising by less than 5.6% a year.
- The mortgage rate remains higher than 4.84%.
- A comparable home has a monthly rent below $2,060; the typical rent here is $1,580.
- Your move happens before year 23.
Buying comes out ahead when
- Home prices rise by more than 5.6% a year.
- You secure a mortgage rate under 4.84%, compared with today's 7.24%.
- The same home would rent for over $2,060 a month.
- You remain there for 23 years or more.
Lawrence compared with the other 812 cities
| Measure | Lawrence | Median city |
|---|---|---|
| Typical home value | $332,513 | $422,451 |
| Typical rent | $1,580 /mo | $1,837 /mo |
| Price-to-rent ratio | 17.5 (#461 of 813) | 18.5 |
| Home prices, last 10 years | 6.4% a year | 6.2% a year |
| Rents, last 5 years | 7% a year | 4% a year |
| Property tax | 1.25% | 0.87% |
| Households that rent | 56% | 42% |
Source data: Zillow ZHVI and ZORI, Census ACS 2020-2024.
A look at additional Kansas cities
- Rent. In Wichita, KS, renting wins by $14k.
- Rent. In Overland Park, KS, renting comes out $103k ahead.
- Toss-up. Buying leads by $1k in Kansas City, KS, so the result is a toss-up.
- Rent. Renting comes out $76k ahead in Olathe, KS.
- Toss-up. Renting leads by $2k in Topeka, KS, so the result is a toss-up.
- Rent. In Shawnee, KS, renting wins by $100k.
- Rent. In Lenexa, KS, renting wins by $108k.
- Rent. In Manhattan, KS, renting wins by $55k.