Rent vs buy in Topeka, KS
In Topeka, Kansas, the typical rent is $1,249 /mo and the typical home is $195,299.
Over 7 years, the difference is only $2,475, making it a toss-up.
Using today's mortgage rate, the calculation assumes 20% down, Topeka's typical rent and home value. The break-even point is year 8.
An opinion, clearly labelled, with the math shown. These are estimates, not quotes. The stamp changes when you change a number.
- Gap
- $2k after 7 years
- Break-even point
- year 8 when owning catches up
- Full cost of ownership
- Each month: $1,858 year 1, against $1,249 rent
Change my numbers
The stamp is based on Topeka's usual rent and home value. The result can flip based on your rent, price, and number of years.
Do these numbers differ from the city's?
Enter your rent, price and down payment amounts. Your entries update the stamp.
Is it cheaper to rent or buy in Topeka?
The choices end up within $2,475 after 7 years, so small changes decide the result. For the first 7 years, renting costs less. By year 8, owning has caught up.
Renting. Owning. Net cost by year so far.
Topeka's average rent compared with its mortgage payment
Rent and mortgage don't tell the whole story. Here's every monthly cost for year 1 based on Topeka's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,249 | All of it, every month |
| Mortgage payment | $1,065 | $939 of it is interest in year 1 |
| Property tax | $241 | 1.48% of the value a year |
| Insurance | $117 | Census median for the city |
| Upkeep | $163 | 1% of the value a year |
| Owning, cash out | $1,585 | $126 of it builds equity |
| Lost return on the down payment | $317 | Annual earnings on the cash at 8.3% |
| Buying costs, spread out | $81 | 3.5% of the price over 7 years |
| True cost of owning | $1,858 | Cash paid, minus the equity portion, plus the two amounts listed above |
The figures behind the Topeka verdict
- Typical home valueZillow ZHVI, September 2026
- $195,299
- Typical rentZillow ZORI, September 2026
- $1,249 /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, Kansas, 1995 to 2025
- 4% 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, Topeka
- 1.48% of value
- Home insuranceCensus ACS 2020-2024, Topeka
- $117 /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 change the Topeka result?
Every line marks the point where Topeka's 7-year result changes. All other factors stay the same.
Renting has the edge when
- This applies when home prices rise by less than 4.2% each year. We use 4%, matching the long-run rate recorded for Kansas's housing market.
- The mortgage rate remains above 7.02%.
- For a home like this, monthly rent is under $1,280. Here, the typical amount is $1,249.
- Before year 8, you move.
Buying has the edge when
- Home values increase by more than 4.2% each year.
- You secure a mortgage rate under 7.02% (today's is 7.24%).
- If you rented the same home, the monthly cost would exceed $1,280.
- You stay for 8 years or longer.
How Topeka compares with the other 812 cities
| Measure | Topeka | Median city |
|---|---|---|
| Typical home value | $195,299 | $422,451 |
| Typical rent | $1,249 /mo | $1,837 /mo |
| Price-to-rent ratio | 13.0 (#723 of 813) | 18.5 |
| Home prices, last 10 years | 6.4% a year | 6.2% a year |
| Rents, last 5 years | 6.3% a year | 4% a year |
| Property tax | 1.48% | 0.87% |
| Households that rent | 41% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.