Rent vs Buy in Ames, IA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Ames, IA
Price-to-rent ratio is 24.0 (under 15 favors buying, over 21 favors renting). Renting costs $1,056/mo; owning runs about $2,287/mo — $1,231/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.03% rate) | $1,627 |
| Property tax | $279 |
| Home insurance | $127 |
| Maintenance | $254 |
| Total to own | $2,287 |
| Average 2BR rent | $1,056 |
Based on a median home value of $304,727 with a $60,945 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.