Rent vs buy in Mission, TX
In Mission, Texas, typical rent is $1,319 /mo and typical home is $216,831.
A toss-up: the two come out $1,258 apart over 7 years
Using Mission's typical rent and home value, plus 20% down and today's mortgage rate. The break-even point: year 8.
Our opinion, clearly labelled, with the math shown. These are estimates, not quotes. Change any number and the stamp changes with it.
- Gap
- $1k after 7 years
- Break-even point
- Year 8 when owning catches up
- What owning really costs
- $2,104 a month year 1, against $1,319 rent
Change my numbers
The stamp draws on Mission's typical rent, plus its typical home value. Change your rent, your price or your years and it can flip.
Do your numbers differ from the city's?
Enter the rent, price and down payment you want to use. Those numbers shift what the stamp shows.
In Mission, is renting or buying cheaper?
Small changes decide the outcome, because over 7 years the two paths land within $1,258 of each other. For the first 7 years, renting costs less. Buying catches up in year 8.
Rent. Ownership. Net cost to date, year by year.
In Mission: average rent vs mortgage payment
Rent and the mortgage only tell part of the story. At Mission's typical price, these are all the monthly costs for year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,319 | All of it, every month |
| Mortgage payment | $1,182 | $1,042 of it is interest in year 1 |
| Property tax | $323 | 1.79% of the value a year |
| Insurance | $115 | Census median for the city |
| Upkeep | $181 | 1% of the value a year |
| Owning, cash out | $1,801 | $140 of it builds equity |
| Lost return on the down payment | $352 | The yearly return on that cash: 8.3% |
| Buying costs, spread out | $90 | 3.5% of the price over 7 years |
| True cost of owning | $2,104 | Cash out, minus the equity part, plus both lines listed above |
The data behind Mission's verdict
- Typical home value Zillow ZHVI, September 2026
- $216,831
- Typical rent Zillow ZORI, September 2026
- $1,319 a month
- Down payment: 20% keeps private mortgage insurance out, and the engine does not model it
- 20%
- Mortgage rate Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home values FHFA house price index data, Texas, 1995 to 2025
- 4.7% each year
- Rent growth CPI rent of primary residence, 2006 to 2026, yearly growth
- 3.5% each year
- Return on savings 60% of the S&P 500 with dividends, plus 40% in 10-year Treasuries, rebalanced each year, 1928 to 2025
- 8.3% each year
- Property taxes Census ACS 2020-2024, Mission
- 1.79% of the value
- Home insurance cost Census ACS 2020-2024, Mission
- $115 a month
- Maintenance cost Fannie Mae, low end of the 1% to 4% range
- 1% of value each year
- Cost of buying Freddie Mac, midpoint of 2% to 5%
- 3.5% of the price
- Sale costs Agent commission and closing costs
- 6% of the price
What would flip the result in Mission?
Every line shows the threshold that flips the 7-year verdict in Mission; all other inputs stay the same.
When renting comes out ahead
- Home prices grow more slowly than 4.8% a year (our figure of 4.7% is Texas's long-run rate).
- The rate on a mortgage remains above 7.14%.
- Renting a home like this costs under $1,330 a month (here the typical rent is $1,319).
- You move before you reach year 8.
Buying comes out ahead when
- Home prices grow at more than 4.8% a year.
- You lock in a mortgage rate under 7.14% (today's rate is 7.24%).
- You'd pay more than $1,330 a month to rent that same home.
- You stay 8 years or more.
Mission compared with the other 812 cities
| Measure | Mission | Median city |
|---|---|---|
| Typical home value | $216,831 | $422,451 |
| Typical rent | $1,319 /mo | $1,837 /mo |
| Price-to-rent ratio | 13.7 (#693 of 813) | 18.5 |
| Home prices, last 10 years | 5.5% a year | 6.2% a year |
| Property tax | 1.79% | 0.87% |
| Households that rent | 29% | 42% |
Data from: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Texas
- Toss-up for Houston, TX: renting is $2k cheaper.
- Rent. San Antonio, TX. Renting is ahead by $10k.
- Rent. Dallas, TX. Renting is ahead by $20k.
- Rent. Fort Worth, TX. Renting is ahead by $17k.
- Rent ahead in Austin, TX: renting comes out $111k cheaper.
- El Paso, TX. Buying leads by $2k, so it's a toss-up.
- Rent ahead in Arlington, TX: renting comes out $34k cheaper.
- Corpus Christi, TX. Buying comes out $4k cheaper.
- Plano, TX. Renting comes out $105k cheaper.
- Lubbock, TX. Buying is ahead by $2k, so it's a toss-up.
- Laredo, TX. Renting comes out $20k cheaper.
- Irving, TX. Renting wins, $36k ahead of buying.