Rent vs Buy in Springfield, MO
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Springfield, MO
Price-to-rent ratio is 18.2 (under 15 favors buying, over 21 favors renting). Renting costs $1,113/mo; owning runs about $1,848/mo — $735/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.18% rate) | $1,320 |
| Property tax | $223 |
| Home insurance | $101 |
| Maintenance | $203 |
| Total to own | $1,848 |
| Average 2BR rent | $1,113 |
Based on a median home value of $243,597 with a $48,719 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.