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Rent vs. Own? The Best Option in Each State

By
Real Estate Agent with Century 21 Northland

Rent vs. Own? The Best Option in Each State

Home prices may be on the rise across the country, but you’re still better off buying a home in most states in the U.S. than renting one. Consumers in only 11 states will find renting more affordable than buying a home, according to a new study by GOBankingRates, a personal finance website. 

GOBankingRates analyzed the cost of renting versus owning a home in all 50 states and the District of Columbia. Researchers looked at estimated rent prices for all homes listed on a real estate website. It then calculated the estimated monthly mortgage to own a home in each state, based on the median list price of homes, a 20 percent down payment, and a 30-year fixed-rate loan.

Source: “The 2017 Cost of Renting vs. Owning a Home in Every State,” GoBankingRates.com (July 24, 2017)

 

Posted by

Jon Becker - Century 21 Northland

ABR, Green, SFR, Quality Service Award (2009-2013)

jon@c21jb.com

231-342-5401

www.c21jb.com for all Traverse City area real estate listings & information

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