Renting vs. owning, state by state

  • 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.

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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.