Catey Hill writes at MarketWatch.com that there are 8 states where it’s cheaper to rent than to buy a home:
It’s cheaper to rent a home versus buying one in just eight states in America, according to an analysis of monthly costs released Monday by GoBankingRates.com. Those states, Hawaii, Montana, Utah, Idaho, Colorado, Wyoming, Delaware and Oregon, are joined by the District of Columbia. The analysis compared the monthly cost to rent the median-priced single-family home in each state with the monthly cost of owning that same home. The latter expense includes mortgage payments (assuming a 20% down payment and a 30-year fixed loan), property taxes and insurance.
This comes at a time when rents have been rising rapidly, explains Kristen Bonner, lead researcher on the study. In 2015, apartment rents increased faster than they had at any time since 2007. And while they have fallen slightly this year, according toan analysis by Trulia released in June, the real-estate site notes that “relative to historical pricing, rents are still very high.”
Rent vs. Buy: Inflation
Since 2005, rental pricing has increased steadily. Meanwhile, the cost of buying a home is still trying to recover.
Are There Benefits between Renting and Buying a Home?
