Rent vs buy in Lynn, MA
For Lynn, Massachusetts, typical rent is $2,342 /mo and a typical home costs $577,171.
Over 7 years, renting comes out $45k ahead
It relies on Lynn's typical rent and home value, and assumes 20% down and today's mortgage rate. The break-even point is year 12.
Opinion, clearly labeled, with calculations shown. These are estimates, not quotes. If you change a number, the stamp will change.
- Renting leads by
- $45k after 7 years
- Break-even point
- year 12 when owning catches up
- Actual cost of owning
- $5,078 /mo year 1, against $2,342 rent
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In Lynn, is it cheaper to rent or buy?
When you include the money returned after you sell, renting costs $44,990 less over 7 years. For the first 11 years, renting costs less. Owning catches up during year 12.
Renting wins. The result is owning. Net cost by year so far.
Comparing average rent and mortgage payments in Lynn
Rent and mortgage payments don't tell the full story. At Lynn's typical price, these are all monthly costs in year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,342 | All of it, every month |
| Mortgage payment | $3,147 | $2,774 of it is interest in year 1 |
| Property tax | $505 | 1.05% of the value a year |
| Insurance | $140 | Census median for the city |
| Upkeep | $481 | 1% of the value a year |
| Owning, cash out | $4,273 | $373 of it builds equity |
| Lost return on the down payment | $938 | What that cash would earn yearly at 8.3% |
| Buying costs, spread out | $240 | 3.5% of the price over 7 years |
| True cost of owning | $5,078 | Take the cash out, subtract the equity part, and add both lines above. |
The figures behind Lynn's result
- Typical home valueZillow ZHVI, September 2026
- $577,171
- Typical rentZillow ZORI, September 2026
- $2,342 /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, Lynn
- 1.05% of value
- Home insuranceCensus ACS 2020-2024, Lynn
- $140 /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 flip the result in Lynn?
Each line shows where Lynn's 7-year result changes, while all other factors stay the same.
Renting is the better choice when
- Home prices rise more slowly than 6.0% a year (5.1%, Massachusetts's long-run rate, is the rate used).
- The mortgage rate remains above 5.85%.
- Monthly rent for a home like this is less than $2,820 (typical here: $2,342).
- Before year 12, you move.
Buying becomes the better choice when
- Home prices rise by more than 6.0% each year.
- You secure a mortgage rate under 5.85% (today's is 7.24%).
- The monthly rent for that same home would exceed $2,820.
- You remain there for at least 12 years.
How Lynn compares with the other 812 cities
| Measure | Lynn | Median city |
|---|---|---|
| Typical home value | $577,171 | $422,451 |
| Typical rent | $2,342 /mo | $1,837 /mo |
| Price-to-rent ratio | 20.5 (#307 of 813) | 18.5 |
| Home prices, last 10 years | 7.1% a year | 6.2% a year |
| Rents, last 5 years | 5% a year | 4% a year |
| Property tax | 1.05% | 0.87% |
| Households that rent | 52% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Cities in Massachusetts besides Lynn
- In Boston, MA, renting wins by $10k.
- In Worcester, MA, renting wins by $8k.
- In Springfield, MA, buying wins by $18k.
- In Cambridge, MA, renting wins by $83k.
- In Lowell, MA, renting wins by $9k.
- In Brockton, MA, renting wins by $19k.
- In Quincy, MA, renting wins by $51k.
- In New Bedford, MA, renting wins by $40k.
- In Fall River, MA, renting wins by $29k.
- In Newton, MA, renting wins by $317k.
- In Lawrence, MA, it's a toss-up, with renting ahead by $2k.
- In Somerville, MA, renting wins by $65k.