Rent vs buy in Lee's Summit, MO
In Lee's Summit, Missouri, the typical rent is $1,614 /mo and the typical home price is $393,485.
Renting comes out ahead by $72k over 7 years
Using 20% down and today's mortgage rate, the figures reflect Lee's Summit's typical home value and rent. No break-even occurs within 30 years.
Clearly labeled opinion with the math shown. These figures are estimates rather than quotes. The stamp updates whenever a figure changes.
- Rent leads by
- $72k after 7 years
- Break-even point
- 30 years or more owning never catches up sooner
- Actual cost of ownership
- $3,554 each month year 1, against $1,614 rent
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The stamp relies on the home value and rent typical of Lee's Summit's market. You can reverse the result with your rent, price and years.
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In Lee's Summit, is renting or buying less expensive?
During the full 7 years, renting costs $72,139 less after counting the money returned when you sell. Every year shown favors renting on net cost, and owning won't catch up within 30 years.
Rental option. Cost of owning. Year-by-year net cost so far.
Mortgage payment compared with average rent in Lee's Summit
In year 1, you'll see every monthly cost at Lee's Summit's typical price, not just rent and the mortgage.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,614 | All of it, every month |
| Mortgage payment | $2,145 | $1,891 of it is interest in year 1 |
| Property tax | $374 | 1.14% of the value a year |
| Insurance | $158 | Census median for the city |
| Upkeep | $328 | 1% of the value a year |
| Owning, cash out | $3,005 | $254 of it builds equity |
| Lost return on the down payment | $640 | At 8.3% a year, what the cash would earn |
| Buying costs, spread out | $164 | 3.5% of the price over 7 years |
| True cost of owning | $3,554 | Add the two lines above to cash out, then subtract the equity part. |
The figures supporting Lee's Summit's result
- Typical home valueZillow ZHVI, September 2026
- $393,485
- Typical rentZillow ZORI, September 2026
- $1,614 /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, Missouri, 1995 to 2025
- 4% 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, Lee's Summit
- 1.14% of value
- Home insuranceCensus ACS 2020-2024, Lee's Summit
- $158 /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 reverse the result in Lee's Summit?
Each line marks the threshold where the 7-year verdict changes in Lee's Summit, while every other value stays the same.
When renting is better
- Home-price growth is under 6.2% a year, using Missouri's long-run rate of 4%.
- The mortgage rate remains higher than 3.95%.
- A comparable home rents for less than $2,390 each month, while the typical rent here is $1,614.
- Moving at any time during the next 30 years means owning never catches up at these figures.
When buying is better
- Home price growth is faster than 6.2% a year.
- You secure a mortgage rate under 3.95%. Today's rate is 7.24%.
- You would pay more than $2,390 monthly to rent that same home.
Lee's Summit compared with the other 812 cities
| Measure | Lee's Summit | Median city |
|---|---|---|
| Typical home value | $393,485 | $422,451 |
| Typical rent | $1,614 /mo | $1,837 /mo |
| Price-to-rent ratio | 20.3 (#321 of 813) | 18.5 |
| Home prices, last 10 years | 6.1% a year | 6.2% a year |
| Rents, last 5 years | 4.7% a year | 4% a year |
| Property tax | 1.14% | 0.87% |
| Households that rent | 27% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Missouri cities
- Kansas City, MO. Rent. Renting wins by $9k.
- St. Louis, MO. Buy. Buying wins by $16k.
- Springfield, MO. Rent. Renting wins by $20k.
- Columbia, MO. Rent. Renting wins by $39k.
- Independence, MO. Buy. Buying wins by $9k.
- O'Fallon, MO. Rent. Renting wins by $41k.
- St. Charles, MO. Rent. Renting wins by $53k.
- St. Joseph, MO. Rent. Renting wins by $8k.
- St. Peters, MO. Rent. Renting wins by $25k.
- Blue Springs, MO. Rent. Renting wins by $16k.
- Joplin, MO. Toss-up, with renting ahead by $3k.
- Florissant, MO. Buy. Buying wins by $37k.