Rent vs buy in Taylor, MI
The typical figures for Taylor, Michigan are $1,518 in monthly rent and $175,476 for a home.
Over 7 years, buying comes out $31k ahead
Using 20% down and today's mortgage rate, the comparison starts with Taylor's typical rent and home value. The break-even point arrives in year 3.
Opinion, clearly labeled, with the math shown. The figures are estimates, not quotes. The stamp changes when you change a number.
- Owning comes out ahead by
- $31k after 7 years
- Break-even point
- Year 3 when owning catches up
- Actual cost of owning
- $1,678 /mo year 1, against $1,518 rent
Change my numbers
The stamp relies on Taylor's typical home value and rent. Your rent, price and time period can change the result.
Are your numbers different from the city's?
Enter your rent, price and down payment. Your entries change the stamp.
Does renting or buying cost less in Taylor?
Over 7 years, buying costs $30,937 less after counting the money you receive when you sell. Owning's net cost falls below renting's in year 3 and remains lower.
Renting costs. Owning costs. Cumulative net cost, broken out by year.
Taylor's average rent compared with its mortgage payment
Rent and the mortgage don't tell the whole story. Every monthly cost for year 1 at Taylor's typical price is included.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,518 | All of it, every month |
| Mortgage payment | $957 | $843 of it is interest in year 1 |
| Property tax | $249 | 1.7% of the value a year |
| Insurance | $82 | Census median for the city |
| Upkeep | $146 | 1% of the value a year |
| Owning, cash out | $1,434 | $113 of it builds equity |
| Lost return on the down payment | $285 | What the cash would earn yearly at 8.3% |
| Buying costs, spread out | $73 | 3.5% of the price over 7 years |
| True cost of owning | $1,678 | Cash out, minus the equity part, plus the two amounts listed above |
The figures behind Taylor's verdict
- Typical home valueZillow ZHVI, September 2026
- $175,476
- Typical rentZillow ZORI, September 2026
- $1,518 /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, Michigan, 1995 to 2025
- 3.8% 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, Taylor
- 1.7% of value
- Home insuranceCensus ACS 2020-2024, Taylor
- $82 /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 verdict in Taylor?
Each line shows where Taylor's 7-year verdict changes, while all other factors stay the same.
Renting becomes cheaper when
- Home prices grow under 1.3% a year; the rate we use is 3.8%, taken from Michigan's long-run average.
- The mortgage rate remains over 10.34%.
- A similar home rents for under $1,190 each month, while the typical rent here is $1,518.
- Before year 3, you move.
Buying becomes cheaper when
- Home prices rise by more than 1.3% a year.
- For your mortgage, you secure a rate under 10.34% (today's is 7.24%).
- For that same home, monthly rent would cost you over $1,190.
- You remain for 3 years or longer.
How Taylor compares with 812 other cities
| Measure | Taylor | Median city |
|---|---|---|
| Typical home value | $175,476 | $422,451 |
| Typical rent | $1,518 /mo | $1,837 /mo |
| Price-to-rent ratio | 9.6 (#793 of 813) | 18.5 |
| Home prices, last 10 years | 8.1% a year | 6.2% a year |
| Property tax | 1.70% | 0.87% |
| Households that rent | 33% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other cities across Michigan
- Home-buying wins in Detroit, MI by $72k.
- Renting wins in Grand Rapids, MI by $20k.
- Home-buying wins in Warren, MI by $7k.
- Renting wins in Sterling Heights, MI by $32k.
- Renting wins in Ann Arbor, MI by $124k.
- It's a toss-up in Lansing, MI, with home-buying ahead by $2k.
- Home-buying wins in Dearborn, MI by $18k.
- Renting wins in Livonia, MI by $26k.
- Renting wins in Troy, MI by $89k.
- Renting wins in Farmington Hills, MI by $95k.
- Renting wins in Westland, MI by $7k.
- Home-buying wins in Flint, MI by $39k.