Owning Costs More Than Renting in All 50 States

May 8, 2017

Despite indexes and statistics from housing industry interests that claim owning a home has never been more affordable, number crunching by howmuch.net show that mortgage costs exceeds renting expenses in all 50 states.

Using data from the Census Bureau’s American Community Survey, howmuch.net found that the gap between renting and owning ranges from about 48 percent on the high end and 30 percent on the low end. New Jersey ($1,135), Connecticut ($912), and Washington, D.C. ($895) are the top three states with the largest price gaps by dollar amount and West Virginia ($297), Indiana ($331), and Arkansas ($334) are among the states with the smallest.

While owning cost more than renting, homeownership remains at the heart of the American dream and the benefits far outweigh those of renting over the long haul, says howmuch.net.

Read More