Rent vs buy in Roanoke, VA
In Roanoke, Virginia, the typical rent is $1,368 /mo and the typical home costs $277,549.
Renting costs $10k less over 7 years
Based on Roanoke's typical rent and home value, plus 20% down and today's mortgage rate. You reach the break-even point in year 9.
An opinion that is clearly labeled and shows the math. These are estimates, not quotes. If you change a number, the stamp changes with it.
- Renting is ahead by
- $10k after 7 years
- Break-even point
- year 9 when owning catches up
- Actual cost of owning
- $2,436 /mo year 1, against $1,368 rent
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Roanoke's typical rent and home value are used in the stamp. Your rent, price and time period can change the result.
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Enter the down payment, price and rent you have in mind. Your entries update the stamp.
Is renting or buying cheaper in Roanoke?
Renting costs $9,800 less over 7 years, including the money you get back when you sell. For the first 8 years, renting costs less. In year 9, owning catches up.
Renting. Owning. Net cost to date, by year.
Roanoke: average rent compared with mortgage payment
In year 1, these are all monthly costs at Roanoke's typical price, beyond just rent and the mortgage.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,368 | All of it, every month |
| Mortgage payment | $1,513 | $1,334 of it is interest in year 1 |
| Property tax | $229 | 0.99% of the value a year |
| Insurance | $75 | Census median for the city |
| Upkeep | $231 | 1% of the value a year |
| Owning, cash out | $2,048 | $179 of it builds equity |
| Lost return on the down payment | $451 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $116 | 3.5% of the price over 7 years |
| True cost of owning | $2,436 | Cash out, minus the equity portion, plus the two amounts listed above |
Numbers behind Roanoke's result
- Typical home valueZillow ZHVI, September 2026
- $277,549
- Typical rentZillow ZORI, September 2026
- $1,368 /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, Virginia, 1995 to 2025
- 4.6% 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, Roanoke
- 0.99% of value
- Home insuranceCensus ACS 2020-2024, Roanoke
- $75 /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 Roanoke?
Each line marks where Roanoke's 7-year verdict changes, while everything else stays as it is.
Renting is cheaper when
- Home prices grow at less than 5.0% a year; the 4.6% we use is Virginia's rate over the long run.
- The mortgage rate remains above 6.61%.
- A similar home rents for under $1,470 a month, compared with the local typical rent of $1,368.
- Your move comes before year 9.
You win with buying when
- Home prices rise by more than 5.0% each year.
- You secure a mortgage rate under 6.61% (today's is 7.24%).
- You would pay more than $1,470 a month to rent the same home.
- You remain there for 9 years or more.
How Roanoke compares with the other 812 cities
| Measure | Roanoke | Median city |
|---|---|---|
| Typical home value | $277,549 | $422,451 |
| Typical rent | $1,368 /mo | $1,837 /mo |
| Price-to-rent ratio | 16.9 (#496 of 813) | 18.5 |
| Home prices, last 10 years | 6.7% a year | 6.2% a year |
| Rents, last 5 years | 6.7% a year | 4% a year |
| Property tax | 0.99% | 0.87% |
| Households that rent | 48% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Virginia cities
- Renting comes out ahead by $9k in Virginia Beach, VA.
- Renting comes out ahead by $12k in Chesapeake, VA.
- Rent. Richmond, VA. Renting saves $24k.
- Buy. Norfolk, VA. Buying saves $6k.
- Toss-up. Newport News, VA. Buying leads by $2k.
- Rent. Alexandria, VA. Renting saves $106k.
- Buy. Hampton, VA. Buying saves $18k.
- Toss-up. Suffolk, VA. Renting leads by $1k.
- Buy. Portsmouth, VA. Buying saves $18k.
- Rent. Lynchburg, VA. Renting saves $8k.
- Rent. Harrisonburg, VA. Renting saves $5k.