How Much Cheaper It Is To Rent Than Buy A Home In Every U.S. State

Using data from the US Census Bureau, HowMuch.net has put together a graph that shows whether it’s more affordable to buy or rent a house based on the U.S. state you live in.

Cost of renting vs. owning a home in each U.S. state: Is it more affordable to rent or buy?
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Cost of renting vs. owning a home in each state
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In most U.S. states cheaper to rent than own property. The Sunshine State is the lone exception, as the median monthly mortgage payment in Florida comes down to $947, slightly lower than the median monthly rent, which is $975.

Top 20 U.S. States where renting is cheaper than buying

  1. Puerto Rico – 85% cheaper to rent than buy
  2. Montana – 42% cheaper to rent than buy
  3. Wyoming – 40% cheaper to rent than buy
  4. Alabama – 39% cheaper to rent than buy
  5. Kentucky – 35% cheaper to rent than buy
  6. Louisiana – 34% cheaper to rent than buy
  7. North Dakota – 33% cheaper to rent than buy
  8. South Dakota – 33% cheaper to rent than buy
  9. Mississippi – 33% cheaper to rent than buy
  10. Rhode Island – 31% cheaper to rent than buy
  11. New Mexico – 30% cheaper to rent than buy
  12. Oklahoma – 29% cheaper to rent than buy
  13. California – 28% cheaper to rent than buy
  14. West Virginia – 28% cheaper to rent than buy
  15. Hawaii – 28% cheaper to rent than buy
  16. South Carolina – 27% cheaper to rent than buy
  17. Arkansas – 27% cheaper to rent than buy
  18. Nebraska – 27% cheaper to rent than buy
  19. Virginia – 26% cheaper to rent than buy
  20. Missouri – 26% cheaper to rent than buy

Is it more common to own or to rent in every U.S. state?

StateNumber Owned PropertiesNumber Rented Properties%Owned%RentedMedian contract rentMortgage Cost% Cheaper to rent than buy
Puerto Rico802.024389.28167.32%32.68%$371$68885%
Montana292.585130.50669.15%30.85%$667$94642%
Wyoming159.79266.00470.77%29.23%$703$98740%
Alabama1,253,199588.46668.05%31.95%$565$78639%
Kentucky1,146,668578.36666.47%33.53%$571$77135%
Louisiana1,132,229604.89465.18%34.82%$678$90734%
Mississippi748.055343.92568.50%31.50%$574$76233%
North Dakota200.554115.75263.41%36.59%$693$92233%
South Dakota233.092111.16867.71%32.29%$621$82533%
Kansas743.508385.47565.86%34.14%$636$83131%
Rhode Island248.723160.02560.85%39.15%$832$1,08931%
New Mexico521.45246.25567.92%32.08%$697$90430%
Oklahoma962.483507.88165.46%34.54%$620$80129%
California7,125,0905,880,00754.79%45.21%$1,320$1,69628%
West Virginia518.882196.42672.54%27.46%$523$67228%
Hawaii268.07819058.52%41.48%$1,434$1,84028%
South Carolina1,309,670595.4368.75%31.25%$665$84427%
Arkansas752.399400.68365.25%34.75%$548$69727%
Nebraska500.086254.40466.28%33.72%$657$83527%
Virginia2,077,4171,043,46366.57%33.43%$1,005$1,27126%
Missouri1,596,870788.26566.95%33.05%$628$78926%
Pennsylvania3,421,0171,587,73468.30%31.70%$743$92925%
North Carolina2,586,6161,368,45365.40%34.60%$698$86924%
District of Columbia118.805162.6742.21%57.79%$1,408$1,74924%
Massachusetts1,623,515981.43962.32%37.68%$1,084$1,33823%
Tennessee1,693,790894.86565.43%34.57%$666$81723%
Texas5,964,1833,659,69161.97%38.03%$843$1,02922%
Ohio3,070,1811,597,01165.78%34.22%$627$76422%
Utah681.563293.88569.87%30.13%$865$1,05922%
Georgia2,354,9221,390,15262.88%37.12%$782$94621%
Idaho435.493189.64269.66%30.34%$698$84421%
Wisconsin1,565,599784.69466.61%33.39%$699$83219%
Iowa900.362357.14371.60%28.40%$628$74819%
Oregon1,007,015596.6262.80%37.20%$935$1,10118%
Connecticut898.234458.52866.20%33.80%$963$1,13318%
New York3,930,0333,374,29953.80%46.20%$1,116$1,31017%
New Jersey2,053,9291,164,86963.81%36.19%$1,151$1,34717%
Maine395.809145.1573.17%26.83%$720$84417%
Illinois3,182,2321,626,44066.18%33.82%$852$98616%
Minnesota1,547,594614.61771.57%28.43%$859$99716%
New Hampshire369.037159.66369.80%30.20%$953$1,10516%
Delaware253.948103.98970.95%29.05%$935$1,07815%
Alaska159.34491.39763.55%36.45%$1,085$1,25315%
Washington1,783,5491,056,82862.79%37.21%$1,087$1,23714%
Nevada619.309475.30456.58%43.42%$903$1,03114%
Arizona1,652,321900.65164.72%35.28%$858$96713%
Indiana1,765,500791.79969.04%30.96%$633$70612%
Maryland1,472,500734.84366.71%33.29%$1,193$1,31911%
Michigan2,803,3721,126,64571.33%28.67%$693$76510%
Colorado1,394,824744.38365.20%34.80%$1,125$1,2279%
Vermont178.40578.22469.52%30.48%$844$8825%
Florida5,010,1872,679,77765.15%34.85%$975$9470.97%

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