DataIndustry News

Renting vs. owning, state by state

Are you renting where you should be owning?
  • It costs almost twice as much to rent a single-family home in New York than it does to own one.
  • In Miami, where it's $400 more to rent than it is to own, is the eighth most expensive rental market in the country.
  • Maryland's median list price is $284,900. Using GoBankingRates.com's metric, it's $254 cheaper to have a monthly mortgage here than it is to rent.

With mortgage rates at or nearing record lows, owning a house is becoming more and more in reach to renters. GoBankingRates.com analyzed median rent prices and median home prices for single-family homes in all 50 states to determine the best places to own rather than rent, and vice versa. For instance, it's almost $150 cheaper to rent a place in Washington D.C. each month than it is to own a place. On the flip side of that, however, is the investment of owning a home. Median monthly rent in D.C. is $2,575, while the median monthly mortgage (GoBankingRates.com used a metric with a 20-percent down payment and 30-year fixed mortgage rate) will run about $2,719. It might make sense to get a comfy nest egg over in Maryland, where a mortgage will run right around $1,446. Essentially, you could maintain two properties in Maryland for about the cost of owning one in the District. Head up north just a bit to New York, and you'll be paying nearly double for rent on what...