While previous articles have declared that the number of markets where it’s cheaper to buy than to rent is decreasing, this one says it’s plain non-existent.
Using data from the U.S. Census Bureau’s most recent American Community Survey, which tracks median housing costs from 2013 to 2017, a CNBC article says homeowners spend more money per month than renters in every single state across the U.S.
It also breaks down the monthly difference in renting versus owning per state.
In New Jersey, the difference is greatest at $1,100, while in Arkansas, it’s just $300, the article states.
“Owning is more expensive than renting because owners need to cover related costs such as maintenance, property taxes, repairs and insurance, in addition to handling their monthly mortgage payments, and those keep rising,” the article asserts, quoting a CNBC report that states the cost of owning a home has risen 14% in the last year.
Still, those who purchase a home may reap more rewards in the long run as home prices appreciate, the article notes, adding that homeownership also provides a sense of stability.
“And, once the mortgage is paid off, you've eliminated a major monthly expense and you can put that money toward other financial goals,” it concludes.
Here is a map illustrating the difference between renting and owning in every state:
(Courtesy of CNBC)
Here is a breakdown of the difference between renting and owning in every state:
Alabama
Median monthly cost for homeowners with a mortgage: $1,149
Median rent cost: $747
Difference between owning and renting: $402
Alaska
Median monthly cost for homeowners with a mortgage: $1,862
Median rent cost: $1,200
Difference between owning and renting: $662
Arizona
Median monthly cost for homeowners with a mortgage: $1,354
Median rent cost: $972
Difference between owning and renting: $382
Arkansas
Median monthly cost for homeowners with a mortgage: $1,039
Median rent cost: $709
Difference between owning and renting: $330
California
Median monthly cost for homeowners with a mortgage: $2,206
Median rent cost: $1,358
Difference between owning and renting: $848
Colorado
Median monthly cost for homeowners with a mortgage: $1,623
Median rent cost: $1,125
Difference between owning and renting: $498
Connecticut
Median monthly cost for homeowners with a mortgage: $2,065
Median rent cost: $1,123
Difference between owning and renting: $942
Delaware
Median monthly cost for homeowners with a mortgage: $1,533
Median rent cost: $1,076
Difference between owning and renting: $457
Florida
Median monthly cost for homeowners with a mortgage: $1,432
Median rent cost: $1,077
Difference between owning and renting: $355
Georgia
Median monthly cost for homeowners with a mortgage: $1,351
Median rent cost: $927
Difference between owning and renting: $424
Hawaii
Median monthly cost for homeowners with a mortgage: $2,303
Median rent cost: $1,507
Difference between owning and renting: $796
Idaho
Median monthly cost for homeowners with a mortgage: $1,195
Median rent cost: $792
Difference between owning and renting: $403
Illinois
Median monthly cost for homeowners with a mortgage: $1,633
Median rent cost: $952
Difference between owning and renting: $681
Indiana
Median monthly cost for homeowners with a mortgage: $1,109
Median rent cost: $782
Difference between owning and renting: $327
Iowa
Median monthly cost for homeowners with a mortgage: $1,202
Median rent cost: $740
Difference between owning and renting: $462
Kansas
Median monthly cost for homeowners with a mortgage: $1,310
Median rent cost: $801
Difference between owning and renting: $509
Kentucky
Median monthly cost for homeowners with a mortgage: $1,131
Median rent cost: $713
Difference between owning and renting: $418
Louisiana
Median monthly cost for homeowners with a mortgage: $1,234
Median rent cost: $825
Difference between owning and renting: $409
Maine
Median monthly cost for homeowners with a mortgage: $1,357
Median rent cost: $808
Difference between owning and renting: $549
Maryland
Median monthly cost for homeowners with a mortgage: $1,954
Median rent cost: $1,311
Difference between owning and renting: $643
Massachusetts
Median monthly cost for homeowners with a mortgage: $2,102
Median rent cost: $1,173
Difference between owning and renting: $929
Michigan
Median monthly cost for homeowners with a mortgage: $1,251
Median rent cost: $824
Difference between owning and renting: $427
Minnesota
Median monthly cost for homeowners with a mortgage: $1,506
Median rent cost: $906
Difference between owning and renting: $600
Mississippi
Median monthly cost for homeowners with a mortgage: $1,105
Median rent cost: $740
Difference between owning and renting: $365
Missouri
Median monthly cost for homeowners with a mortgage: $1,225
Median rent cost: $784
Difference between owning and renting: $441
Montana
Median monthly cost for homeowners with a mortgage: $1,344
Median rent cost: $751
Difference between owning and renting: $593
Nebraska
Median monthly cost for homeowners with a mortgage: $1,315
Median rent cost: $773
Difference between owning and renting: $542
Nevada
Median monthly cost for homeowners with a mortgage: $1,422
Median rent cost: $1,017
Difference between owning and renting: $405
New Hampshire
Median monthly cost for homeowners with a mortgage: $1,878
Median rent cost: $1,052
Difference between owning and renting: $826
New Jersey
Median monthly cost for homeowners with a mortgage: $2,398
Median rent cost: $1,249
Difference between owning and renting: $1149
New Mexico
Median monthly cost for homeowners with a mortgage: $1,244
Median rent cost: $809
Difference between owning and renting: $435
New York
Median monthly cost for homeowners with a mortgage: $2,064
Median rent cost: $1,194
Difference between owning and renting: $870
North Carolina
Median monthly cost for homeowners with a mortgage: $1,261
Median rent cost: $844
Difference between owning and renting: $417
North Dakota
Median monthly cost for homeowners with a mortgage: $1,326
Median rent cost: $775
Difference between owning and renting: $551
Ohio
Median monthly cost for homeowners with a mortgage: $1,247
Median rent cost: $764
Difference between owning and renting: $483
Oklahoma
Median monthly cost for homeowners with a mortgage: $1,181
Median rent cost: $766
Difference between owning and renting: $415
Oregon
Median monthly cost for homeowners with a mortgage: $1,594
Median rent cost: $988
Difference between owning and renting: $606
Pennsylvania
Median monthly cost for homeowners with a mortgage: $1,446
Median rent cost: $885
Difference between owning and renting: $561
Rhode Island
Median monthly cost for homeowners with a mortgage: $1,803
Median rent cost: $957
Difference between owning and renting: $846
South Carolina
Median monthly cost for homeowners with a mortgage: $1,202
Median rent cost: $836
Difference between owning and renting: $366
South Dakota
Median monthly cost for homeowners with a mortgage: $1,255
Median rent cost: $696
Difference between owning and renting: $559
Tennessee
Median monthly cost for homeowners with a mortgage: $1,196
Median rent cost: $808
Difference between owning and renting: $388
Texas
Median monthly cost for homeowners with a mortgage: $1,484
Median rent cost: $952
Difference between owning and renting: $532
Utah
Median monthly cost for homeowners with a mortgage: $1,455
Median rent cost: $948
Difference between owning and renting: $507
Vermont
Median monthly cost for homeowners with a mortgage: $1,563
Median rent cost: $945
Difference between owning and renting: $618
Virginia
Median monthly cost for homeowners with a mortgage: $1,728
Median rent cost: $1,166
Difference between owning and renting: $562
Washington
Median monthly cost for homeowners with a mortgage: $1,763
Median rent cost: $1,120
Difference between owning and renting: $643
West Virginia
Median monthly cost for homeowners with a mortgage: $997
Median rent cost: $681
Difference between owning and renting: $316
Wisconsin
Median monthly cost for homeowners with a mortgage: $1,399
Median rent cost: $813
Difference between owning and renting: $586
Wyoming
Median monthly cost for homeowners with a mortgage: $1,389
Median rent cost: $828
Difference between owning and renting: $561
