Rent vs Buy in Cleveland, OH
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Cleveland, OH
Price-to-rent ratio is 8.3 (under 15 favors buying, over 21 favors renting). Renting costs $1,208/mo; owning runs about $900/mo — $308/mo less to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $638 |
| Property tax | $111 |
| Home insurance | $50 |
| Maintenance | $100 |
| Total to own | $900 |
| Average 2BR rent | $1,208 |
Based on a median home value of $120,549 with a $24,110 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.