Rent vs Buy in Scranton, PA
Scranton is one of the more reachable big-metro markets, with a median listing price of $266,500. Lower prices pull the rent-vs-buy break-even closer, but the local property tax and rent levels decide how close.
With rent around $950 a month, Scranton's price-to-rent ratio lands close to the national middle. No structural edge falls to either renting or buying, so your own numbers settle it.
How Scranton compares
- Homes in Scranton cost 40% less than the national median of $443,255.
- Rent in Scranton runs 57% lower than the U.S. median of $2,200/mo.
- Homes in Scranton cost 16% less than the Pennsylvania median of $317,000.
What the numbers say
At 1.45% on a $266,500 median home, property tax in Scranton works out to roughly $322 a month ($3,864 a year). It is the largest owning cost with no renting equivalent, so factor it in before you compare.
Renters here pay about $950 a month ($11,400 a year), the baseline the buy case has to beat. Appreciation in Scranton has been running hot recently, near 9.8% a year. The calculator holds to the long-run 3 to 3.5% national average anyway, because leaning on a hot streak to last is a frequent way short-stay buyers get hurt.
For insurance we use the Pennsylvania average, $1,300 a year, until you can drop in an actual quote for a specific home.
What makes the rent-vs-buy math different in Scranton
Scranton's price-to-rent ratio is about 23.4: the $266,500 median price divided by $950 a month in rent over a year. That is a middle-of-the-road ratio, where the rent-vs-buy answer turns on your down payment, mortgage rate, and how long you plan to stay. As a single number, the ratio is a fast sanity check. It flags which side begins ahead, though your own inputs decide the final margin.
With the ratio near the national middle, neither renting nor buying in Scranton starts with a clear structural edge. The break-even year swings on your down payment, the mortgage rate, and rent growth, which is exactly what the calculator below resolves.
A handful of Scranton particulars matter once you look past the ratio alone. Resident population reached 574,418 in 2025, up from 568,185 in 2021. Source. State government employment was 5,609 in May 2026. Source.
Home Purchase
Enter details about the home you're considering buying
Renting
Enter details about your rental alternative
Time Horizon & Market
Detailed mode adds 17 more inputs including advanced assumptions.
Buying is cheaper over 7 years
by $31,485
Buying comes out ahead, though the margin is meaningful only if you stay the full term and your assumptions hold roughly true.
The result is robust across small changes to your inputs.
Total cost of buying
$387,138
Average $4,609 per month over 7 years
Total cost of renting
$207,949
Average $2,476 per month over 7 years
Equity Built
$245,691
What you've paid down on the loan principal over 7 years.
Net Sale Proceeds
$211,339
What you'd walk away with after selling, minus closing costs.
Investment Growth
$65,204
What the down payment could grow to if invested instead of used to buy.
This chart shows total dollars spent on each path, month by month. With your inputs and time horizon, renting stays ahead the entire time.
Frequently Asked Questions
By Barron Hansen, Founder · Last reviewed