Rent vs buy in Newark, OH
In Newark, Ohio, the typical rent is $1,420 /mo and the typical home is $246,884.
Over 7 years, renting wins by $13k
Today's mortgage rate and a 20% down payment set the comparison, using Newark's typical rent and home value. You reach break-even in year 11.
An opinion that's clearly labelled, along with the math shown. These figures are estimates, not quotes. Adjust any number, and the stamp updates.
- Renting leads by
- $13k after 7 years
- When both cost the same
- In year 11 when owning catches up
- What owning really costs
- $2,193 a month year 1, against $1,420 rent
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The stamp relies on Newark's typical rent and home value. Change your rent, price or years, and the result can flip.
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Should you rent or buy in Newark to spend less?
Counting the money you get back from selling, renting costs $13,463 less over 7 years. For the first 10 years, renting is cheaper. Buying catches up at year 11.
Rent. Buy. Net cost through each year.
Newark's average rent compared with the mortgage payment
Rent and the mortgage don't tell the whole story. Here are all the monthly costs for year 1, using Newark's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,420 | All of it, every month |
| Mortgage payment | $1,346 | $1,186 of it is interest in year 1 |
| Property tax | $214 | 1.04% of the value a year |
| Insurance | $83 | Census median for the city |
| Upkeep | $206 | 1% of the value a year |
| Owning, cash out | $1,849 | $160 of it builds equity |
| Lost return on the down payment | $401 | The yearly return on that cash: 8.3% |
| Buying costs, spread out | $103 | 3.5% of the price over 7 years |
| True cost of owning | $2,193 | Cash out, with the equity part subtracted and the two lines above added |
The Newark verdict in numbers
- Typical home valueZillow ZHVI, September 2026
- $246,884
- Typical rentZillow ZORI, September 2026
- $1,420 /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, Ohio, 1995 to 2025
- 3.5% 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, Newark
- 1.04% of value
- Home insuranceCensus ACS 2020-2024, Newark
- $83 /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 change the result in Newark?
The 7-year verdict in Newark flips at the point marked by each line, and nothing else changes.
Renting is the better choice when
- Home prices rise by less than 4.2% a year, and we use 3.5%, which is Ohio's long-run rate.
- For a mortgage, the rate stays above 6.27%.
- For a similar home, the rent is under $1,560 each month; $1,420 is typical here.
- Your move happens before year 11.
Buying is the better choice when
- Home prices increase by more than 4.2% a year.
- You lock in a mortgage rate under 6.27% (today's rate is 7.24%).
- That same home would cost over $1,560 monthly to rent.
- You remain in the home for 11 years or more.
Newark compared with the other 812 cities
| Measure | Newark | Median city |
|---|---|---|
| Typical home value | $246,884 | $422,451 |
| Typical rent | $1,420 /mo | $1,837 /mo |
| Price-to-rent ratio | 14.5 (#653 of 813) | 18.5 |
| Home prices, last 10 years | 7% a year | 6.2% a year |
| Property tax | 1.04% | 0.87% |
| Households that rent | 44% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Cities elsewhere in Ohio
- Renting. Columbus, OH. The difference is $12k in renting's favor.
- Buying. Akron, OH. The difference is $19k in buying's favor.