Rent vs Buy in Albany, OR
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Albany, OR
Price-to-rent ratio is 20.9 (under 15 favors buying, over 21 favors renting). Renting costs $1,726/mo; owning runs about $3,197/mo — $1,471/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $2,259 |
| Property tax | $397 |
| Home insurance | $180 |
| Maintenance | $361 |
| Total to own | $3,197 |
| Average 2BR rent | $1,726 |
Based on a median home value of $433,091 with a $86,618 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.