Rent vs buy in Terre Haute, IN
In Terre Haute, Indiana, the typical rent is $993 /mo and the typical home is $158,602 (Indiana).
It's a toss-up: the difference is $981 over 7 years
Today's mortgage rate and a 20% down payment, applied to Terre Haute's typical rent and typical home value. The break-even point comes in year 8.
Clearly labeled opinion with the math shown. Estimates, not quotes. Adjust a number and the stamp will change.
- Gap
- $981 after 7 years
- Break-even point
- In year 8 when owning catches up
- Full ownership cost
- $1,438 per month year 1, against $993 rent
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Is buying or renting cheaper in Terre Haute?
Across 7 years, the options differ by no more than $981, so small changes decide the result. For the first 7 years, renting costs less. By year 8, owning catches up.
Renting. Ownership. Net cost to date, by year.
Terre Haute's average rent compared with its mortgage payment
Rent and the mortgage don't tell the whole story. At Terre Haute's typical price, the list covers every monthly cost in year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $993 | All of it, every month |
| Mortgage payment | $865 | $762 of it is interest in year 1 |
| Property tax | $126 | 0.95% of the value a year |
| Insurance | $94 | Census median for the city |
| Upkeep | $132 | 1% of the value a year |
| Owning, cash out | $1,216 | $103 of it builds equity |
| Lost return on the down payment | $258 | Annual earnings on the cash at 8.3% |
| Buying costs, spread out | $66 | 3.5% of the price over 7 years |
| True cost of owning | $1,438 | Subtract the equity part from cash out, then add the two lines above. |
The figures supporting the Terre Haute verdict
- Typical home value Zillow ZHVI, September 2026
- $158,602
- Typical rent Zillow ZORI, September 2026
- $993 per month
- A 20% down payment avoids private mortgage insurance, but the engine leaves it out of the model.
- 20%
- The mortgage rate Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth of home prices: House price index from FHFA, Indiana, 1995 to 2025
- Each year: 3.7%
- Growth in rent CPI for primary residence rent, yearly growth 2006 to 2026
- 3.5% each year
- Return on savings 60% S&P 500 with dividends, plus 40% 10-year Treasuries, rebalanced each year, 1928 to 2025
- Each year: 8.3%
- Property tax Census data, ACS 2020-2024, Terre Haute
- 0.95% of the value
- Home insurance Census ACS 2020-2024, Terre Haute
- $94 monthly
- Maintenance Fannie Mae's low end of 1% to 4%
- Each year: 1% of value
- Buying costsFreddie Mac, the middle of the 2% to 5% range
- A share equal to 3.5% of the price
- Sale expenses Agent commission plus closing costs
- 6% of the price
What would reverse the Terre Haute result?
Each line marks the point where Terre Haute's 7-year verdict changes while all other factors stay the same.
When renting wins
- Home prices rise under 3.8% a year (we apply 3.7%, Indiana's rate over the long run).
- The mortgage rate remains above 7.13%.
- A similar home rents for under $1,000 a month (the typical amount here is $993).
- You move before the 8th year.
When buying wins
- Growth of more than 3.8% a year in home prices.
- Your mortgage rate is locked in under 7.13% (today's is 7.24%).
- Monthly rent for that same home runs above $1,000.
- You remain for 8 years or more.
Terre Haute compared with the other 812 cities
| Measure | Terre Haute | Median city |
|---|---|---|
| Typical home value | $158,602 | $422,451 |
| Typical rent | $993 /mo | $1,837 /mo |
| Price-to-rent ratio | 13.3 (#712 of 813) | 18.5 |
| Home prices, last 10 years | 6% a year | 6.2% a year |
| Rents, last 5 years | 5.2% a year | 4% a year |
| Property tax | 0.95% | 0.87% |
| Households that rent | 48% | 42% |
Data from Zillow ZHVI plus ZORI, Census ACS 2020-2024.
Other Indiana cities
- Toss-up. In Indianapolis, IN, renting leads by $2k.
- Rent. Renting leads by $20k in Fort Wayne, IN.
- Rent. Renting has the advantage by $17k in Evansville, IN.
- Rent. Renting is $70k ahead in Fishers, IN.
- Buy. Buying leads by $4k in South Bend, IN.
- Rent. Renting has the advantage by $143k in Carmel, IN.
- Rent. Renting is $9k ahead in Bloomington, IN.
- Buy. Buying has the advantage by $37k in Hammond, IN.
- Rent. Renting is $62k ahead in Noblesville, IN.
- Rent. Renting has the advantage by $24k in Lafayette, IN.
- Rent. Greenwood, IN. $33k ahead for renting.
- Buy. Gary, IN. $72k ahead for buying.