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Rent or buy: what each costs in your county

The money spent and gone when you own, against the rent you would pay, over the years you choose. HUD Fair Market Rents FY 2027; no price or rent forecast.

In short

Over 5 years, at the Freddie Mac average rate for the week of October 15, 2026 (7.4% over 30 years, 20% down) and with no change in home prices or rents, the interest, property tax and insurance on each state's median home cost more than 5 years of HUD's three-bedroom Fair Market Rent in 47 of 50 states, before maintenance and closing costs. The gap is widest in California (renting $113,913 cheaper) and narrowest or reversed in West Virginia (buying $16,739 cheaper). The down payment and the principal you repay are not costs: they stay yours as equity.

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Rent or buy over the years you choose

Enter the home, the loan and your own figures for maintenance and closing costs. The rent is HUD's Fair Market Rent for the county unless you enter yours.

Monthly payment if you buy (PITI)$2,368
Monthly rent counted$1,071
Interest paid$95,993
Property tax$15,637
Homeowners insurance$7,755
HOA and mortgage insurance$8,100 + $0
Maintenance and closing costs$0 + $0
Less the change in home value$0
Net cost of owning over 5 years$127,485
Rent over the same years$64,260
ResultRenting costs $63,225 less
Principal repaid (yours) · loan balance left$14,578 · $251,582

United States. Maintenance is counted at $0 until you enter your own figure. Closing costs are counted at $0 until you enter them.

Net cost of owning = interest + property tax + insurance + HOA + mortgage insurance + maintenance + closing costs − (home value at the end − price). Tax, insurance, HOA, mortgage insurance and maintenance stay at today's amounts; the home value and the rent change only by the yearly rates you enter. Not counted: what the down payment could earn if invested, income tax effects, the costs of selling, renter's insurance and utilities you pay as an owner. Property tax: county effective rate (Census ACS 2020-2024); insurance: county or state median premium (FIO, 2022); rent: HUD FY 2027 Fair Market Rent of the county, which already includes tenant-paid utilities. Default: US median home value, 20% down, 7.4% (Freddie Mac, week of October 15, 2026), 5 years, national median of county 2-bedroom Fair Market Rents.

Owning against renting over 5 years, state by state

StateMedian home valueMonthly paymentFair Market Rent, 2 / 3 bedroomsNet cost of owning, 5 yearsRent, 3 bedrooms, 5 years
Alabama$233,300$1,521$975 / $1,275$81,031$76,500
Alaska$376,500$2,541$1,513 / $1,899$135,941$113,940
Arizona$426,000$2,628$1,244 / $1,684$138,996$101,040
Arkansas$215,600$1,435$909 / $1,224$76,625$73,440
California$759,500$4,785$1,725 / $2,332$253,803$139,890
Colorado$574,600$3,624$1,375 / $1,785$192,268$107,070
Connecticut$396,900$2,956$1,933 / $2,303$159,975$138,180
Delaware$371,600$2,307$1,629 / $2,216$122,131$132,960
Florida$396,900$2,717$1,474 / $1,837$145,653$110,220
Georgia$343,300$2,258$1,058 / $1,387$120,443$83,220
Hawaii$875,900$5,227$2,326 / $2,932$275,225$175,920
Idaho$446,400$2,758$1,127 / $1,538$145,910$92,280
Illinois$280,700$2,155$958 / $1,278$117,015$76,680
Indiana$243,500$1,621$1,086 / $1,386$86,591$83,160
Iowa$227,300$1,656$927 / $1,247$89,389$74,820
Kansas$238,700$1,770$961 / $1,270$95,712$76,200
Kentucky$226,000$1,520$925 / $1,259$81,312$75,540
Louisiana$223,200$1,542$995 / $1,300$82,727$78,000
Maine$341,900$2,280$1,371 / $1,789$121,829$107,310
Maryland$436,300$2,896$1,875 / $2,376$154,645$142,530
Massachusetts$607,400$4,060$2,266 / $2,952$216,997$177,120
Michigan$254,200$1,770$1,085 / $1,404$95,086$84,240
Minnesota$344,600$2,356$1,048 / $1,404$126,291$84,240
Mississippi$186,500$1,305$905 / $1,185$70,129$71,100
Missouri$254,400$1,755$962 / $1,321$94,158$79,230
Montana$425,400$2,763$1,310 / $1,803$147,168$108,180
Nebraska$263,100$1,987$1,014 / $1,328$107,682$79,680
Nevada$455,500$2,791$1,327 / $1,837$147,513$110,220
New Hampshire$458,800$3,290$1,727 / $2,299$177,281$137,940
New Jersey$496,000$3,753$2,233 / $2,771$203,427$166,260
New Mexico$279,900$1,835$1,063 / $1,404$97,810$84,240
New York$449,800$3,174$1,385 / $1,706$170,729$102,360
North Carolina$333,000$2,138$1,145 / $1,423$113,663$85,350
North Dakota$266,100$1,854$1,014 / $1,404$99,599$84,240
Ohio$239,800$1,693$1,048 / $1,350$91,090$81,000
Oklahoma$222,100$1,589$916 / $1,256$85,591$75,360
Oregon$497,500$3,188$1,325 / $1,813$169,456$108,780
Pennsylvania$277,600$1,923$1,136 / $1,477$103,214$88,620
Rhode Island$455,700$3,150$1,879 / $2,302$169,056$138,120
South Carolina$299,500$1,900$1,098 / $1,357$100,902$81,390
South Dakota$289,600$2,009$1,033 / $1,404$107,876$84,240
Tennessee$332,600$2,121$1,048 / $1,378$112,664$82,680
Texas$313,200$2,311$1,105 / $1,418$124,945$85,050
Utah$545,200$3,343$1,158 / $1,561$176,685$93,660
Vermont$352,800$2,522$1,570 / $2,028$135,855$121,680
Virginia$403,500$2,587$1,262 / $1,723$137,548$103,380
Washington$602,200$3,851$1,467 / $1,989$204,660$119,340
West Virginia$170,800$1,117$955 / $1,271$59,521$76,260
Wisconsin$294,700$2,081$1,041 / $1,370$111,947$82,170
Wyoming$339,500$2,181$1,016 / $1,383$115,965$82,980

State median value of owner-occupied homes (Census ACS 2024), 20% down, 30-year fixed loan at 7.4% (Freddie Mac PMMS, week of October 15, 2026), property tax at the state's effective rate (ACS 2020-2024), state median insurance premium (FIO, 2022); no HOA, mortgage insurance, maintenance or closing costs, and no change in prices or rents. Fair Market Rents: median of the state's counties (each county counts once), HUD FY 2027. In New England, HUD sets rents by town: where a county's towns differ, the county figure is that of the HUD area covering most of its population.

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Questions

What is a Fair Market Rent?

HUD's estimate of the 40th percentile gross rent (rent plus tenant-paid utilities) for standard-quality units in a metropolitan area or nonmetropolitan county (24 CFR 888.113), which HUD must publish each year (42 U.S.C. 1437f). It is below the median rent by construction, and it is not an asking rent for a given home. Payotte uses the FY 2027 figures.

Why is the down payment not counted as a cost?

Because you get it back when you sell, together with the principal repaid, minus any fall in the home’s value. The calculator counts what is spent and gone: interest, property tax, insurance, HOA, mortgage insurance, maintenance and closing costs, less any rise in value you enter. What the down payment could have earned if invested is not counted.

Does the calculator assume home prices rise?

No. Home value growth and rent growth are fields you fill in, both at 0% by default. Payotte publishes no forecast of either.

General information drawn from the official sources cited and dated on this page. It is not legal, tax or financial advice: for your own situation, ask a licensed professional.

Sources