Rent vs Buy in Durham, NC
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Durham, NC
Price-to-rent ratio is 17.8 (under 15 favors buying, over 21 favors renting). Renting costs $1,872/mo; owning runs about $2,953/mo — $1,081/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $2,086 |
| Property tax | $367 |
| Home insurance | $167 |
| Maintenance | $333 |
| Total to own | $2,953 |
| Average 2BR rent | $1,872 |
Based on a median home value of $400,039 with a $80,008 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.