Rent vs buy in Lorain, OH
In Lorain, Ohio, the typical rent is $1,104 /mo and the typical home costs $154,510 there.
Buying comes out ahead by $7k over 7 years
Today's mortgage rate and 20% down, alongside Lorain's typical rent and typical home value. The break-even point falls in year 6
Our clearly labeled opinion includes the math. These are estimates, not quotes. The stamp updates whenever you change a number.
- Ahead with ownership
- $7k after 7 years
- Break-even point
- year 6 when owning catches up
- Full cost of ownership
- $1,422 /mo year 1, against $1,104 rent
Change my numbers
The stamp takes typical rent and home value from Lorain's figures. Change your rent, price or years, and the result can flip.
Do your numbers differ from the city's?
Enter your own rent, price and down payment. It changes along with those figures.
Is renting or buying cheaper in Lorain?
Over 7 years, buying costs $7,285 less after counting the money returned when you sell. In year 6, owning's net cost falls below renting's and remains lower.
Renting. Owning. Net cost to date, by year
In Lorain: average rent compared with the mortgage payment
The rent and the mortgage don't tell the whole story by themselves. Every monthly cost for year 1 at Lorain's typical price is listed here.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,104 | All of it, every month |
| Mortgage payment | $842 | $742 of it is interest in year 1 |
| Property tax | $158 | 1.23% of the value a year |
| Insurance | $77 | Census median for the city |
| Upkeep | $129 | 1% of the value a year |
| Owning, cash out | $1,207 | $100 of it builds equity |
| Lost return on the down payment | $251 | The yearly amount the cash would earn at 8.3% |
| Buying costs, spread out | $64 | 3.5% of the price over 7 years |
| True cost of owning | $1,422 | Cash paid out, minus the equity portion, plus the two amounts above |
The figures behind Lorain's result
- Typical home valueZillow ZHVI, September 2026
- $154,510
- Typical rentZillow ZORI, September 2026
- $1,104 /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, Ohio, 1995 to 2025
- 3.5% 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, Lorain
- 1.23% of value
- Home insuranceCensus ACS 2020-2024, Lorain
- $77 /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 could reverse it in Lorain?
Each line marks where the 7-year result in Lorain changes, while all other factors stay the same.
Renting is cheaper when
- Home values increase by less than 2.9% each year. We rely on 3.5%, which reflects Ohio's long-run average.
- The mortgage rate remains above 8.07%.
- Monthly rent for this kind of home comes to less than $1,030 (typical here: $1,104).
- Before year 6, you move.
When buying comes out ahead
- Home prices rise by more than 2.9% a year.
- You secure a mortgage rate under 8.07% (today's is 7.24%).
- The same home would cost more than $1,030 a month to rent.
- You remain in the home for 6 years or more.
How Lorain compares with the other 812 cities
| Measure | Lorain | Median city |
|---|---|---|
| Typical home value | $154,510 | $422,451 |
| Typical rent | $1,104 /mo | $1,837 /mo |
| Price-to-rent ratio | 11.7 (#769 of 813) | 18.5 |
| Home prices, last 10 years | 8.3% a year | 6.2% a year |
| Property tax | 1.23% | 0.87% |
| Households that rent | 43% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other cities across Ohio
- Rent. Columbus, OH. Renting comes out ahead by $12k.
- Buy. Cleveland, OH. Buying comes out ahead by $49k.
- Rent. Cincinnati, OH. Renting comes out ahead by $19k.
- Buy. Toledo, OH. Buying comes out ahead by $21k.
- Buy. Akron, OH. Buying comes out ahead by $19k.
- Buy. Dayton, OH. Buying comes out ahead by $25k.
- Rent. Parma, OH. Renting comes out ahead by $25k.
- Toss-up. Canton, OH. Renting leads by $2k, making it a toss-up.
- Rent. Hamilton, OH. Renting leads by $44k.
- Buy. Youngstown, OH. Buying comes out ahead by $54k.
- Toss-up. Springfield, OH. Renting leads by $713, making it a toss-up.
- Rent. Kettering, OH. Renting leads by $34k.