Rent vs buy in Lawrence, MA
In Lawrence, Massachusetts, typical rent is $2,372 /mo and typical home value is $509,825.
Over 7 years, it's a toss-up, with a $2,217 gap.
Today's mortgage rate and 20% down are applied alongside Lawrence's figures for typical rent and a home's value. Year 8 is when the costs balance.
A clearly labeled opinion with the math shown. These figures are estimates, not quotes. The stamp updates whenever you change a number.
- Gap
- $2k after 7 years
- Point of break-even
- year 8 when owning catches up
- Full cost of ownership
- $4,392 /mo year 1, against $2,372 rent
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The stamp takes its figures from Lawrence's typical rent and home value. Changing your rent, price or years can flip the result.
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In Lawrence, is renting or buying cheaper?
After 7 years, the two choices are within $2,217, so small changes decide the result. For the first 7 years, renting costs less. Owning catches up during year 8.
Rent. Buy. Net cost by year so far.
Comparing average rent with mortgage payment in Lawrence
Rent and mortgage payments don't tell the whole story. The list covers every monthly expense during year 1 at Lawrence's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,372 | All of it, every month |
| Mortgage payment | $2,780 | $2,450 of it is interest in year 1 |
| Property tax | $348 | 0.82% of the value a year |
| Insurance | $128 | Census median for the city |
| Upkeep | $425 | 1% of the value a year |
| Owning, cash out | $3,681 | $330 of it builds equity |
| Lost return on the down payment | $829 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $212 | 3.5% of the price over 7 years |
| True cost of owning | $4,392 | After subtracting equity from cash out, add the two amounts listed earlier. |
Lawrence's verdict in figures
- Typical home valueZillow ZHVI, September 2026
- $509,825
- Typical rentZillow ZORI, September 2026
- $2,372 /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, Massachusetts, 1995 to 2025
- 5.1% 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, Lawrence
- 0.82% of value
- Home insuranceCensus ACS 2020-2024, Lawrence
- $128 /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 change would reverse the verdict in Lawrence?
Every line marks where the 7-year Lawrence verdict changes, with all other factors held steady.
When renting wins
- Home prices grow at less than 5.2% each year, based on a rate of 5.1%, Massachusetts's long-run rate.
- That mortgage rate remains higher than 7.16%.
- This type of home rents for under $2,400 each month (typical here: $2,372).
- Your move happens before year 8.
When buying wins
- Home prices increase at more than 5.2% each year.
- You secure a mortgage rate under 7.16% (today's is 7.24%).
- You would pay more than $2,400 a month to rent the same home.
- You remain for at least 8 years.
Lawrence compared with the other 812 cities
| Measure | Lawrence | Median city |
|---|---|---|
| Typical home value | $509,825 | $422,451 |
| Typical rent | $2,372 /mo | $1,837 /mo |
| Price-to-rent ratio | 17.9 (#435 of 813) | 18.5 |
| Home prices, last 10 years | 8.7% a year | 6.2% a year |
| Rents, last 5 years | 6.2% a year | 4% a year |
| Property tax | 0.82% | 0.87% |
| Households that rent | 72% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Massachusetts cities
- Rent. Boston, MA. Renting comes out ahead by $10k.
- Rent. Worcester, MA. Renting comes out ahead by $8k.
- Buy. Springfield, MA. Buying comes out ahead by $18k.
- Rent. Cambridge, MA. Renting comes out ahead by $83k.
- Rent. Lowell, MA. Renting comes out ahead by $9k.
- Rent. Brockton, MA. Renting comes out ahead by $19k.
- Rent. Lynn, MA. Renting comes out ahead by $45k.
- Rent. Quincy, MA. Renting comes out ahead by $51k.
- Rent. New Bedford, MA. Renting comes out ahead by $40k.
- Rent. Fall River, MA. Renting comes out ahead by $29k.
- Rent. Newton, MA. Renting comes out ahead by $317k.
- Rent. Somerville, MA. Renting comes out ahead by $65k.