Rent vs buy in Millcreek, UT
In Millcreek, Utah, the typical rent is $1,514 /mo and the typical home costs $632,014.
Over 7 years, renting comes out ahead by $116k.
These figures use Millcreek's typical rent and home value, a 20% down payment and today's mortgage rate. The break-even point is year 29.
Clearly labeled opinion with the math shown. These figures are estimates, not quotes. Adjust one number and the stamp will change.
- Rent leads by
- $116k after 7 years
- When costs balance
- Year 29 when owning catches up
- Full cost of ownership
- $5,235 /mo year 1, against $1,514 rent
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Which costs less in Millcreek, renting or buying?
After counting the money returned when you sell, renting costs $116,391 less over 7 years. For the first 28 years, renting costs less. In year 29, owning catches up.
Renting. Owning. Net cost so far, shown by year.
Average rent compared with mortgage payment in Millcreek
Rent and mortgage payments don't tell the full story. At Millcreek's typical price, every monthly cost for year 1 is included.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,514 | All of it, every month |
| Mortgage payment | $3,446 | $3,037 of it is interest in year 1 |
| Property tax | $295 | 0.56% of the value a year |
| Insurance | $86 | Census median for the city |
| Upkeep | $527 | 1% of the value a year |
| Owning, cash out | $4,353 | $409 of it builds equity |
| Lost return on the down payment | $1,027 | The yearly earnings on cash at 8.3% |
| Buying costs, spread out | $263 | 3.5% of the price over 7 years |
| True cost of owning | $5,235 | Cash out minus the equity part, plus the two amounts above |
The figures supporting Millcreek's result
- Typical home valueZillow ZHVI, September 2026
- $632,014
- Typical rentZillow ZORI, September 2026
- $1,514 /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, Utah, 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, Millcreek
- 0.56% of value
- Home insuranceCensus ACS 2020-2024, Millcreek
- $86 /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 outcome in Millcreek?
Each line shows where Millcreek's 7-year result changes, while all other factors stay the same.
Renting comes out ahead when
- With 5.1%, Utah's long-run rate, home prices grow more slowly than 7.1% a year.
- The mortgage rate remains above 3.93%.
- A similar home rents for under $2,760 a month, compared with the typical $1,514 here.
- Your move happens before year 29.
Buying comes out ahead when
- Home prices increase by more than 7.1% each year.
- You fix your mortgage rate under 3.93% (today's is 7.24%).
- You'd pay more than $2,760 a month to rent the same home.
- Your stay lasts 29 years or longer.
Millcreek compared with the other 812 cities
| Measure | Millcreek | Median city |
|---|---|---|
| Typical home value | $632,014 | $422,451 |
| Typical rent | $1,514 /mo | $1,837 /mo |
| Price-to-rent ratio | 34.8 (#32 of 813) | 18.5 |
| Home prices, last 10 years | 7.3% a year | 6.2% a year |
| Rents, last 5 years | 2.3% a year | 4% a year |
| Property tax | 0.56% | 0.87% |
| Households that rent | 39% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
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