Rent vs Buy in Jackson, TN
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Jackson, TN
Price-to-rent ratio is 13.4 (under 15 favors buying, over 21 favors renting). Renting costs $1,375/mo; owning runs about $1,671/mo — $296/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.18% rate) | $1,194 |
| Property tax | $202 |
| Home insurance | $92 |
| Maintenance | $184 |
| Total to own | $1,671 |
| Average 2BR rent | $1,375 |
Based on a median home value of $220,277 with a $44,055 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.