Rent vs buy in Meriden, CT
In Meriden, Connecticut, the typical monthly rent is $1,873 and a typical home costs $325,569.
Renting comes out ahead by $35k over 7 years
Today's mortgage rate and 20% down go into a calculation based on Meriden's typical rent and home value. Costs balance in year 18.
Clear opinion with math shown and a clear label. These are estimates, not quotes. The stamp updates when you change a number.
- Ahead by renting
- $35k after 7 years
- Break-even point
- In year 18 when owning catches up
- Owning's true cost
- $3,186 /mo year 1, against $1,873 rent
Change my numbers
For its figures, the stamp draws on Meriden's rent and home value, both at typical levels. You can reverse the result by changing your rent, price or years.
Do these numbers differ from the city's?
Enter your own rent, price and down payment. Your entries change the stamp.
In Meriden, is it cheaper to rent or buy?
Once you include the money returned when you sell, renting costs $35,426 less over 7 years. For the first 17 years, renting costs less. In year 18, owning catches up.
Renting Owning Year-by-year net cost so far.
Meriden's average rent compared with its mortgage payment
At Meriden's typical price, this list covers every monthly cost in year 1, not only rent and mortgage payments.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,873 | All of it, every month |
| Mortgage payment | $1,775 | $1,565 of it is interest in year 1 |
| Property tax | $578 | 2.13% of the value a year |
| Insurance | $107 | Census median for the city |
| Upkeep | $271 | 1% of the value a year |
| Owning, cash out | $2,731 | $210 of it builds equity |
| Lost return on the down payment | $529 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $136 | 3.5% of the price over 7 years |
| True cost of owning | $3,186 | Cash out, with the equity part removed and the two lines above added |
The Meriden result in numbers
- Typical home valueZillow ZHVI, September 2026
- $325,569
- Typical rentZillow ZORI, September 2026
- $1,873 /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, Connecticut, 1995 to 2025
- 3.9% 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, Meriden
- 2.13% of value
- Home insuranceCensus ACS 2020-2024, Meriden
- $107 /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 cause the Meriden result to flip?
The Meriden 7-year result changes at the threshold shown on each line, with all other factors unchanged.
Renting comes out ahead when
- With home prices growing slower than 5.3% a year, our calculation uses 3.9%, Connecticut's long-run rate.
- A mortgage rate above 5.30% remains in effect.
- Monthly rent for a similar home is under $2,250, while the typical rent here is $1,873.
- You move before the year 18 mark.
Buying comes out ahead when
- Home prices increase by more than 5.3% each year.
- You lock in a mortgage rate under 5.30%. The current rate is 7.24%.
- Your monthly rent for that same home would exceed $2,250.
- You remain there for 18 years or more.
How Meriden compares with the other 812 cities
| Measure | Meriden | Median city |
|---|---|---|
| Typical home value | $325,569 | $422,451 |
| Typical rent | $1,873 /mo | $1,837 /mo |
| Price-to-rent ratio | 14.5 (#654 of 813) | 18.5 |
| Home prices, last 10 years | 7.7% a year | 6.2% a year |
| Property tax | 2.13% | 0.87% |
| Households that rent | 40% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities across Connecticut
- Rent. Bridgeport, CT. Renting saves $51k.
- Rent. Stamford, CT. Renting saves $142k.
- Rent. New Haven, CT. Renting saves $39k.
- Buy. Hartford, CT. Buying saves $12k.
- Rent. Waterbury, CT. Renting saves $51k.
- Rent. Norwalk, CT. Renting saves $130k.
- Rent. Danbury, CT. Renting saves $44k.
- Rent. New Britain, CT. Renting saves $56k.
- Rent. Bristol, CT. Renting saves $64k.
- Rent. West Haven, CT. Renting saves $63k.
- Rent. Milford, CT. Renting saves $70k.