Rent vs buy in Mishawaka, IN
In Mishawaka, Indiana, typical rent is $1,196 /mo and typical home value is $213,314.
Renting comes out ahead by $10k over 7 years
Today's mortgage rate and 20% down are paired with Mishawaka's typical rent and home value. The break-even point arrives in year 10.
Our clearly labeled opinion includes the math. These are estimates, not quotes. Change any number, and the stamp changes with it.
- Renting leads by
- $10k after 7 years
- Break-even point
- year 10 when owning catches up
- Actual cost of owning
- $1,877 /mo year 1, against $1,196 rent
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Which costs less in Mishawaka, renting or buying?
Over 7 years, renting costs $9,528 less, including the money you get back when you sell. For the first 9 years, renting costs less. By year 10, owning catches up.
Renting. Owning. Net cost to date, by year.
Average rent compared with the mortgage payment in Mishawaka
You'll find every monthly cost for year 1 at Mishawaka's typical price, going beyond rent and the mortgage.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,196 | All of it, every month |
| Mortgage payment | $1,163 | $1,025 of it is interest in year 1 |
| Property tax | $160 | 0.9% of the value a year |
| Insurance | $79 | Census median for the city |
| Upkeep | $178 | 1% of the value a year |
| Owning, cash out | $1,580 | $138 of it builds equity |
| Lost return on the down payment | $347 | Annual earnings on the cash at 8.3% |
| Buying costs, spread out | $89 | 3.5% of the price over 7 years |
| True cost of owning | $1,877 | Cash paid, minus equity, plus the two items above |
The figures behind Mishawaka's result
- Typical home valueZillow ZHVI, September 2026
- $213,314
- Typical rentZillow ZORI, September 2026
- $1,196 /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, Indiana, 1995 to 2025
- 3.7% 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, Mishawaka
- 0.9% of value
- Home insuranceCensus ACS 2020-2024, Mishawaka
- $79 /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 make the result in Mishawaka flip?
Each line marks the point when the 7-year verdict in Mishawaka changes, while every other factor remains unchanged.
Renting wins if
- Annual home price growth stays below 4.3%. We use 3.7%, which is Indiana's long-run rate.
- The rate on a mortgage remains above 6.45%.
- For a similar home, monthly rent comes to less than $1,300. The typical amount here is $1,196.
- Before year 10, you move.
Buying wins if
- Home prices rise by more than 4.3% a year.
- You lock in a mortgage rate under 6.45% (the current rate is 7.24%).
- The same home would cost more than $1,300 a month to rent.
- You remain there for 10 years or more.
Mishawaka compared with the other 812 cities
| Measure | Mishawaka | Median city |
|---|---|---|
| Typical home value | $213,314 | $422,451 |
| Typical rent | $1,196 /mo | $1,837 /mo |
| Price-to-rent ratio | 14.9 (#631 of 813) | 18.5 |
| Home prices, last 10 years | 7.5% a year | 6.2% a year |
| Property tax | 0.90% | 0.87% |
| Households that rent | 51% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Cities elsewhere in Indiana
- Toss-up. Indianapolis, IN. Renting leads by $2k.
- Rent. Fort Wayne, IN. Renting leads by $20k.
- Rent. Evansville, IN. Renting leads by $17k.
- Rent. Fishers, IN. Renting leads by $70k.
- Buy. South Bend, IN. Buying leads by $4k.
- Rent. Carmel, IN. Renting leads by $143k.
- Rent. Bloomington, IN. Renting leads by $9k.
- Buy. Hammond, IN. Buying leads by $37k.
- Rent. Noblesville, IN. Renting leads by $62k.
- Rent. Lafayette, IN. Renting leads by $24k.
- Rent. Greenwood, IN. Renting leads by $33k.
- Buy. Gary, IN. Buying leads by $72k.