Rent vs buy in Springfield, OR
In Springfield, Oregon, the typical rent is $1,689 /mo, while the typical home value is $414,755.
Over 7 years, renting comes out $31k ahead.
Using Springfield's typical rent and home value, the calculation assumes 20% down and today's mortgage rate. In year 12, the two options break even.
Clearly labelled opinion, math included. These are estimates, not quotes. Edit any number and the stamp updates.
- Renting leads by
- $31k after 7 years
- Break-even point
- year 12 when owning catches up
- True cost to own
- $3,561 /mo year 1, against $1,689 rent
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In Springfield, which costs less, renting or buying?
If you count the money you receive when you sell, renting costs $30,535 less over 7 years. For the first 11 years, renting costs less. At year 12, owning catches up.
Rent. Own. Running net cost, one year at a time.
Springfield: average rent compared with mortgage payments
Rent and mortgage payments cover only part of the costs. At Springfield's typical price, here are all monthly expenses for year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,689 | All of it, every month |
| Mortgage payment | $2,261 | $1,993 of it is interest in year 1 |
| Property tax | $311 | 0.9% of the value a year |
| Insurance | $64 | Census median for the city |
| Upkeep | $346 | 1% of the value a year |
| Owning, cash out | $2,982 | $268 of it builds equity |
| Lost return on the down payment | $674 | What the cash would earn yearly, at 8.3% a year |
| Buying costs, spread out | $173 | 3.5% of the price over 7 years |
| True cost of owning | $3,561 | Cash out, minus what builds equity, plus the two lines above. |
The Springfield verdict, by the numbers
- Typical home valueZillow ZHVI, September 2026
- $414,755
- Typical rentZillow ZORI, September 2026
- $1,689 /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, Oregon, 1995 to 2025
- 4.9% 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
- 0.9% of value
- Home insuranceCensus ACS 2020-2024, Springfield
- $64 /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
In Springfield, what would flip this?
Each line marks the point where Springfield's 7-year verdict flips, with everything else held as it is.
When renting wins
- Our estimate uses 4.9%, Oregon's long-run rate, for home prices growing below 5.8% each year.
- The mortgage rate remains above 5.93%.
- For a home like this, monthly rent is less than $2,020 (here, the typical rent is $1,689).
- You move out before year 12.
When buying wins
- The annual growth rate for home prices is above 5.8%.
- You secure a mortgage rate under 5.93% (today's is 7.24%).
- The same home would cost more than $2,020 a month to rent.
- Your stay lasts 12 years or more.
How Springfield compares with the other 812 cities
| Measure | Springfield | Median city |
|---|---|---|
| Typical home value | $414,755 | $422,451 |
| Typical rent | $1,689 /mo | $1,837 /mo |
| Price-to-rent ratio | 20.5 (#312 of 813) | 18.5 |
| Home prices, last 10 years | 6.7% a year | 6.2% a year |
| Rents, last 5 years | 4.7% a year | 4% a year |
| Property tax | 0.90% | 0.87% |
| Households that rent | 45% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Oregon cities
- Rent. Rent in Portland, OR. Renting wins by $82k.
- Rent. Rent in Salem, OR. Renting wins by $48k.
- Rent. Rent in Eugene, OR. Renting wins by $49k.
- Rent. Rent in Gresham, OR. Renting wins by $61k.
- Rent. Rent in Hillsboro, OR. Renting wins by $44k.
- Rent. Rent in Bend, OR. Renting wins by $93k.
- Rent. Rent in Beaverton, OR. Renting wins by $65k.
- Rent. Rent in Medford, OR. Renting wins by $19k.
- Rent. Rent in Corvallis, OR. Renting wins by $93k.
- Rent. Rent in Tigard, OR. Renting wins by $102k.
- Rent. In Albany, OR, renting leads by $39k.