Rent vs Buy in Evansville, IN
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Evansville, IN
Price-to-rent ratio is 16.2 (under 15 favors buying, over 21 favors renting). Renting costs $1,054/mo; owning runs about $1,508/mo — $454/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $1,066 |
| Property tax | $187 |
| Home insurance | $85 |
| Maintenance | $170 |
| Total to own | $1,508 |
| Average 2BR rent | $1,054 |
Based on a median home value of $204,339 with a $40,868 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.