Rent vs buy in Odessa, TX
In Odessa, Texas, typical rent is $1,586 /mo and typical home value is $250,381.
Buying comes out ahead by $13k across 7 years
The calculation uses Odessa's typical rent, typical home value, 20% down and today's mortgage rate. Year 6 marks the break-even point.
Clearly labelled opinion, with the math shown. The figures are estimates, not quoted prices. The stamp updates when you change a number.
- How far owning is ahead
- $13k after 7 years
- Break-even point
- year 6 when owning catches up
- Actual cost of ownership
- $2,343 per month year 1, against $1,586 rent
Change my numbers
For the stamp, we use Odessa's typical home value and rent. Your rent, price and time period can change the result.
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Enter your own rent, price and down payment. Your entries update the stamp.
Is it cheaper to rent or buy in Odessa?
Over 7 years, buying saves $12,735 after counting the money you receive when you sell. In year 6, owning's net cost falls below renting's and remains lower.
Renting. Owning. Net cost by year so far.
In Odessa, average rent vs mortgage payment
Rent and mortgage payments don't tell the whole story. Year 1 monthly costs at Odessa's typical price are shown in full.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,586 | All of it, every month |
| Mortgage payment | $1,365 | $1,203 of it is interest in year 1 |
| Property tax | $290 | 1.39% of the value a year |
| Insurance | $130 | Census median for the city |
| Upkeep | $209 | 1% of the value a year |
| Owning, cash out | $1,994 | $162 of it builds equity |
| Lost return on the down payment | $407 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $104 | 3.5% of the price over 7 years |
| True cost of owning | $2,343 | Cash out minus the equity portion, plus the two costs above |
The figures behind Odessa's result
- Typical home valueZillow ZHVI, September 2026
- $250,381
- Typical rentZillow ZORI, September 2026
- $1,586 /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, Texas, 1995 to 2025
- 4.7% 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, Odessa
- 1.39% of value
- Home insuranceCensus ACS 2020-2024, Odessa
- $130 /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 reverse the result in Odessa?
Each line shows when Odessa's 7-year result changes, while all other factors stay the same.
Renting comes out ahead when
- Home prices grow more slowly than 4.1% each year. Texas's rate over the long run is 4.7%, so that's the figure we use.
- The rate on a mortgage remains higher than 8.14%.
- A similar home rents for under $1,450 a month, compared with the local typical rent of $1,586.
- You relocate before year 6.
Buying comes out ahead when
- Home prices increase each year by more than 4.1%.
- You lock in a mortgage rate under 8.14% (today's is 7.24%).
- The same home would cost more than $1,450 a month to rent.
- You remain in the home for 6 years or longer.
Odessa compared with the other 812 cities
| Measure | Odessa | Median city |
|---|---|---|
| Typical home value | $250,381 | $422,451 |
| Typical rent | $1,586 /mo | $1,837 /mo |
| Price-to-rent ratio | 13.2 (#718 of 813) | 18.5 |
| Home prices, last 10 years | 4.4% a year | 6.2% a year |
| Rents, last 5 years | 6.1% a year | 4% a year |
| Property tax | 1.39% | 0.87% |
| Households that rent | 40% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities across Texas
- Houston, TX is a toss-up, with renting ahead by $2k.
- For San Antonio, TX, renting leads by $10k.
- Rent. Dallas, TX. Renting comes out ahead by $20k.
- Rent. Fort Worth, TX. Renting comes out ahead by $17k.
- Rent. Austin, TX. Renting comes out ahead by $111k.
- El Paso, TX is a toss-up, with buying ahead by $2k.
- For Arlington, TX, renting leads by $34k.
- Buy. Corpus Christi, TX. Buying comes out ahead by $4k.
- Rent. Plano, TX. Renting comes out ahead by $105k.
- Lubbock, TX is a toss-up, with buying ahead by $2k.
- For Laredo, TX, renting leads by $20k.
- For Irving, TX, renting leads by $36k.