Wednesday, July 20, 2016
Did you know that in the majority of states, owning a home is more economically sustainable than renting one?
A recently released GOBankingRates.com report reveals that it is less expensive to own a home in 42 of the 50 states and the District of Columbia—about 82 percent of the country. The report compares each state’s median list price and median rent of a single-family home, factoring in a 20 percent down payment, a 30-year fixed-rate mortgage, insurance and property taxes.
The average monthly payments for a mortgage and rent by state, according to the report:
Alabama
Mortgage: $859
Rent: $950
Alaska
Mortgage: $1,356
Rent: $1,690
Arizona
Mortgage: $1,223
Rent: $1,250
Arkansas
Mortgage: $769
Rent: $1,050
California
Mortgage: $2,221
Rent: $2,400
Colorado
Mortgage: $1,837
Rent: $1,700
Connecticut
Mortgage: $1,486
Rent: $1,700
Delaware
Mortgage: $1,375
Rent: $1,300
Florida
Mortgage: $1,297
Rent: $1,695
Georgia
Mortgage: $1,029
Rent: $1,200
Hawaii
Mortgage: $2,862
Rent: $2,347
Idaho
Mortgage: $1,199
Rent: $995
Illinois
Mortgage: $1,078
Rent: $1,600
Indiana
Mortgage: $745
Rent: $1,025
Iowa
Mortgage: $836
Rent: $1,095
Kansas
Mortgage: $836
Rent: $1,150
Kentucky
Mortgage: $849
Rent: $1,000
Louisiana
Mortgage: $1,022
Rent: $1,250
Maine
Mortgage: $1,104
Rent: $1,500
Maryland
Mortgage: $1,446
Rent: $1,700
Massachusetts
Mortgage: $1,941
Rent: $2,500
Michigan
Mortgage: $741
Rent: $1,000
Minnesota
Mortgage: $1,085
Rent: $1,400
Mississippi
Mortgage: $791
Rent: $1,100
Missouri
Mortgage: $768
Rent: $950
Montana
Mortgage: $1,348
Rent: $1,100
Nebraska
Mortgage: $884
Rent: $1,200
Nevada
Mortgage: $1,196
Rent: $1,275
New Hampshire
Mortgage: $1,240
Rent: $1,475
New Jersey
Mortgage: $1,428
Rent: $1,900
New Mexico
Mortgage: $1,043
Rent: $1,125
New York
Mortgage: $1,660
Rent: $3,295
North Carolina
Mortgage: $1,089
Rent: $1,175
North Dakota
Mortgage: $1,144
Rent: $1,250
Ohio
Mortgage: $700
Rent: $1,075
Oklahoma
Mortgage: $867
Rent: $1,050
Oregon
Mortgage: $1,562
Rent: $1,550
Pennsylvania
Mortgage: $934
Rent: $1,395
Rhode Island
Mortgage: $1,416
Rent: $1,750
South Carolina
Mortgage: $1,121
Rent: $1,250
South Dakota
Mortgage: $1,033
Rent: $1,100
Tennessee
Mortgage: $934
Rent: $1,195
Texas
Mortgage: $1,271
Rent: $1,425
Utah
Mortgage: $1,517
Rent: $1,275
Vermont
Mortgage: $1,226
Rent: $1,500
Virginia
Mortgage: $1,465
Rent: $1,650
Washington
Mortgage: $1,515
Rent: $1,650
Washington, D.C.
Mortgage: $2,719
Rent: $2,575
West Virginia
Mortgage: $832
Rent: $1,098
Wisconsin
Mortgage: $921
Rent: $1,200
Wyoming
Mortgage: $1,199
Rent: $1,100
Source: GOBankingRates.com
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