Rent vs Buy in Morristown, TN
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Morristown, TN
Price-to-rent ratio is 19.0 (under 15 favors buying, over 21 favors renting). Renting costs $1,153/mo; owning runs about $1,999/mo — $846/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.18% rate) | $1,428 |
| Property tax | $241 |
| Home insurance | $110 |
| Maintenance | $220 |
| Total to own | $1,999 |
| Average 2BR rent | $1,153 |
Based on a median home value of $263,450 with a $52,690 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.