Rent vs buy in Scranton, PA
For Pennsylvania, the typical rent in Scranton, Pennsylvania is $1,346 /mo and the typical home price is $202,099.
The difference is just $2,355 over 7 years, so it's a toss-up
Using Scranton's typical rent and home value, the calculation applies 20% down and today's mortgage rate. The break-even point arrives in year 8.
Clearly labeled opinion with the math shown. These figures are estimates, not quotes. The stamp updates whenever you change a number.
- Gap
- $2k after 7 years
- Break-even point
- year 8 when owning catches up
- Full cost of ownership
- $1,986 /mo year 1, against $1,346 rent
Change my numbers
Based on Scranton's figures, the stamp takes typical rent and home value as inputs. The result may reverse when you enter your rent, price and number of years.
Do your numbers differ from the city's?
Enter the rent, price and down payment that apply to you. Those entries change the stamp.
Is renting or buying cheaper in Scranton?
After 7 years, the two choices are within $2,355, so even small changes affect which costs less. Renting costs less during the first 7 years. Owning catches up with renting in year 8.
Renting Owning Net cost by year so far.
Average rent compared with mortgage payment in Scranton
At Scranton's typical price, here's each monthly cost in year 1, not just rent and the mortgage.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,346 | All of it, every month |
| Mortgage payment | $1,102 | $971 of it is interest in year 1 |
| Property tax | $344 | 2.04% of the value a year |
| Insurance | $90 | Census median for the city |
| Upkeep | $168 | 1% of the value a year |
| Owning, cash out | $1,704 | $131 of it builds equity |
| Lost return on the down payment | $328 | Annual earnings on the cash at 8.3% |
| Buying costs, spread out | $84 | 3.5% of the price over 7 years |
| True cost of owning | $1,986 | Cash paid, minus the equity portion, plus the two costs listed above |
The numbers behind Scranton's result
- Typical home value, from Zillow ZHVI, September 2026
- $202,099
- Typical rent: Zillow ZORI, September 2026
- $1,346 each month
- A 20% down payment avoids private mortgage insurance, which the engine doesn't model.
- 20%
- How home prices grewFHFA house price index for Pennsylvania, 1995 to 2025
- a yearly rate of 4.1%
- How rents grewCPI for the rent of a primary residence, yearly growth 2006 to 2026
- a yearly rate of 3.5%
- Savings return60% S&P 500 with dividends, rebalanced yearly with 40% 10-year Treasuries, 1928 to 2025
- 8.3% each year
- We use this source for property tax: Census ACS 2020-2024, Scranton
- 2.04% of the value
- We use this source for home insurance: Census ACS 2020-2024, Scranton
- $90 each month
- We base maintenance on Fannie Mae, low end of 1% to 4%
- Each year, 1% of value
- Buying costsFreddie Mac, midpoint of 2% to 5%
- 3.5% of the home price
- You pay Agent commission plus closing costs when selling
- 6% of the price
What could reverse the result in Scranton?
For Scranton, each threshold below is where the 7-year verdict changes. All other factors stay as they are.
Renting comes out ahead when
- Home prices rise by less than 4.3% a year. For Pennsylvania's long-run rate we use 4.1%.
- The mortgage rate remains above 7.03%.
- Monthly rent for a similar home is under $1,370 (the typical amount is $1,346).
- Your move happens before year 8.
When owning comes out ahead
- Home prices increase by more than 4.3% a year.
- You lock in a rate below 7.03%. Today's rate is 7.24%.
- You would pay over $1,370 monthly to rent that home.
- You remain for 8 years or longer.
Scranton compared with the other 812 cities
| Measure | Scranton | Median city |
|---|---|---|
| Typical home value | $202,099 | $422,451 |
| Typical rent | $1,346 /mo | $1,837 /mo |
| Price-to-rent ratio | 12.5 (#742 of 813) | 18.5 |
| Home prices, last 10 years | 7% a year | 6.2% a year |
| Rents, last 5 years | 4.7% a year | 4% a year |
| Property tax | 2.04% | 0.87% |
| Households that rent | 50% | 42% |
Data from Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Pennsylvania
- Buy. For Philadelphia, PA, buying wins by $40k.
- Buy. For Pittsburgh, PA, buying wins by $21k.
- Rent. For Allentown, PA, renting wins by $33k.
- Rent. For Reading, PA, renting wins by $13k.
- Rent. For Erie, PA, renting wins by $27k.
- Rent. For Bethlehem, PA, renting wins by $35k.
- In Harrisburg, PA, renting wins by $31k.