Rent vs buy in Springfield, OH
A typical rent here is $1,222 a month, and a typical home runs $187,512 in Springfield, Ohio.
A toss-up: the gap is $713 across 7 years.
Today's mortgage rate and 20% down apply, along with Springfield's typical home value and rent. The two paths break even in year 8.
Clearly labelled opinion, with the math shown. These figures are estimates, not quotes. Adjust one number and the stamp updates.
- Gap
- $713 after 7 years
- Break-even point
- Year 8 when owning catches up
- True cost of ownership
- $1,709 a month year 1, against $1,222 rent
Change my numbers
That stamp starts from Springfield's typical rent and its home value. Put in your own rent, price and years, and the result can flip.
Are your numbers different from the city's?
Fill in your own figures for rent, price and down payment. The stamp updates as they do.
Renting or buying, which costs less in Springfield?
Across 7 years the two paths land within $713 of one another, so small changes tip the outcome. For the first 7 years, renting costs less. By year 8, owning catches up.
Renting Owning Net cost to date, by year.
Springfield's average rent compared with the mortgage payment
Rent and the mortgage don't tell you everything. Here are all monthly costs in year 1, based on Springfield's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,222 | All of it, every month |
| Mortgage payment | $1,022 | $901 of it is interest in year 1 |
| Property tax | $191 | 1.22% of the value a year |
| Insurance | $78 | Census median for the city |
| Upkeep | $156 | 1% of the value a year |
| Owning, cash out | $1,447 | $121 of it builds equity |
| Lost return on the down payment | $305 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $78 | 3.5% of the price over 7 years |
| True cost of owning | $1,709 | Take cash out, subtract the equity part, then add the two lines above. |
The verdict for Springfield, in numbers
- Typical home valueZillow ZHVI, September 2026
- $187,512
- Typical rentZillow ZORI, September 2026
- $1,222 /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, Springfield
- 1.22% of value
- Home insuranceCensus ACS 2020-2024, Springfield
- $78 /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 flip the result in Springfield?
Each line marks the point where the verdict in Springfield over 7 years flips, with all else held as it is.
When renting wins
- Home prices grow by less than 3.6% a year (our figure: 3.5%, Ohio's long-run rate for growth).
- The rate on the mortgage stays above 7.17%.
- Such a home rents for under $1,230 a month (the local typical is $1,222).
- Moving happens before year 8.
When buying wins
- Home prices rise by more than 3.6% a year.
- A mortgage rate below 7.17% is what you lock in (today's is 7.24%).
- The same home would cost more than $1,230 a month to rent.
- Your stay lasts 8 years or longer.
Springfield compared with the other 812 cities
| Measure | Springfield | Median city |
|---|---|---|
| Typical home value | $187,512 | $422,451 |
| Typical rent | $1,222 /mo | $1,837 /mo |
| Price-to-rent ratio | 12.8 (#734 of 813) | 18.5 |
| Home prices, last 10 years | 7.9% a year | 6.2% a year |
| Property tax | 1.22% | 0.87% |
| Households that rent | 48% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Cities in Ohio besides Springfield
- Renting wins by $12k in Columbus, OH.
- Buying wins by $49k in Cleveland, OH.
- Renting wins by $19k in Cincinnati, OH.
- Buying wins by $21k in Toledo, OH.
- Buying wins by $19k in Akron, OH.
- Buying wins by $25k in Dayton, OH.
- Renting wins by $25k in Parma, OH.
- Toss-up. Canton, OH. The $2k edge goes to renting.
- Buying wins by $7k in Lorain, OH.
- Renting wins by $44k in Hamilton, OH.
- Buying wins by $54k in Youngstown, OH.
- Renting wins by $34k in Kettering, OH.