This is a hot topic that we’ve covered and lately we’ve seen several “rent vs. buy” stories from various media outlets. The bottom line; it’s all about the market conditions of any particular location. To that end, the folks over at howmuch.net took a look at data from Zillow and GoBankingRates to provide and intuitive look at the geography of renting vs. owning. Their conclusion? Renting is more expensive on average in 40 out of 50 states…Indeed…but there are a lot of moving parts involved in making that decision. Be sure to look at all the data.
Here are the ten states where it makes the least sense to rent a home (figure shown is the difference):
1. New York: -$1,471
2. Maine: -$675
3. Rhode Island: -$656
4. Massachusetts: -$586
5. Illinois: -$471
6. New Jersey: -$437
7. Florida: -$404
8. Vermont: -$379
9. Pennsylvania: -$368
10. Ohio: -$296