Renting vs. Buying a Home: Which is Best for Your Wallet in Each State?
To help home-seekers better navigate the housing market in their community, GOBankingRates surveyed all 50 states and the
Methodology: To determine whether it's more affordable to rent or own a home in each state, GOBankingRates sourced the estimated median monthly rent from
Click here to view the full study results.
The 11 states in which renting a home is the more affordable option are listed here:
1.
- Monthly rent:
$1,273 - Monthly mortgage:
$1,326
2.
- Monthly rent:
$1,807 - Monthly mortgage:
$1,918
3.
- Monthly rent:
$2,632 - Monthly mortgage:
$2,718
4.
- Monthly rent:
$2,433 - Monthly mortgage:
$2,916
5.
- Monthly rent:
$1,187 - Monthly mortgage:
$1,299
6.
- Monthly rent:
$1,239 - Monthly mortgage:
$1,420
7.
- Monthly rent:
$1,293 - Monthly mortgage:
$1,373
8.
- Monthly rent:
$1,157 - Monthly mortgage:
$1,233
9.
- Monthly rent:
$1,642 - Monthly mortgage:
$1,704
10.
- Monthly rent:
$1,440 - Monthly mortgage:
$1,606
11.
- Monthly rent:
$1,166 - Monthly mortgage:
$1,174
You can find more details by state in the full study on GOBankingRates.com.
About GOBankingRates
GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including
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SOURCE GOBankingRates
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