Rent vs Buy in Lima, OH
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Lima, OH
Price-to-rent ratio is 10.7 (under 15 favors buying, over 21 favors renting). Renting costs $1,179/mo; owning runs about $1,148/mo — $31/mo less to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.18% rate) | $820 |
| Property tax | $139 |
| Home insurance | $63 |
| Maintenance | $126 |
| Total to own | $1,148 |
| Average 2BR rent | $1,179 |
Based on a median home value of $151,335 with a $30,267 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.