Currently Reading

Owning Costs More Than Renting

Advertisement
Market Data + Trends

Owning Costs More Than Renting


February 19, 2019
Housing costs mean homeowners are spending more than renters
Photo: Unsplash/Liam Macleod

New analysis from CNBC, based on Census survey data, shows that homeowners spend more than renters each month on housing costs.

Additionally, the ranking shows the monthly dollar difference between renting and homeownership. In New Jersey, the gap is widest at $1,100. In Arkansas, it's $300. New Jersey also had the highest median monthly housing cost for homeowners with a mortgage in the study: $2,398. California had the highest median rental cost per month, $1,358, while West Virginia had the lowest rental and homeowner costs, $681 and $997, respectively, HousingWire reports.

“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 percent in the last year. “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.

Read more

Related Stories

Housing Markets

Metros With the Highest Growing Home Prices

The metros with the highest increase in home prices are not the typical areas one would guess. Redfin’s recent report found that the median home…

Market Data + Trends

Californians Consider Cutting Losses After Continued Wildfires

Some Californians are saying goodbye to the Golden State as wildfires push residents to reconsider their desire to stay. Camp Fire, the state’s…

Housing Markets

Top Metros With the Best Work-Life Balance

Knowing a metro topped the list for best work-life balance can be a selling point for buyers. The pandemic caused Americans to reevaluate their…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.