Reporters discuss bombshell story on Better.com’s CEO

An exclusive interview with the Forbes reporters who recently wrote a bombshell article about Better.com CEO Vishal Garg’s controversial workplace culture.

Now is the time to double down on diversity and inclusion efforts

Quicken Loans Mortgage Services is proud to partner with a diverse set of brokers, which broadens the pool of potential clients they serve together.

How to Accelerate Closings in 2021

In this webinar, we’ll provide you with actionable insights to help you accelerate your closing process from point-of-sale through post-closing.

Why are sellers sitting on the housing market sidelines?

Why aren’t more homeowners selling in this hot housing market? According to new research from Zillow, a number of factors are at play.

Real Estate

It costs more to own a home than to rent one in every U.S. state

Here's a breakdown of the price difference by state

While previous articles have declared that the number of markets where it’s cheaper to buy than to rent is decreasing, this one says it’s plain non-existent.

Using data from the U.S. Census Bureau’s most recent American Community Survey, which tracks median housing costs from 2013 to 2017, a CNBC article says homeowners spend more money per month than renters in every single state across the U.S.

It also breaks down the monthly difference in renting versus owning per state.

In New Jersey, the difference is greatest at $1,100, while in Arkansas, it’s just $300, the article states.

“Owning is more expensive than renting because owners need to cover related costs such as maintenance, property taxes, repairs and insurance, in addition to handling their monthly mortgage payments, and those keep rising,” the article asserts, quoting a CNBC report that states the cost of owning a home has risen 14% in the last year.

Still, those who purchase a home may reap more rewards in the long run as home prices appreciate, the article notes, adding that homeownership also provides a sense of stability.

“And, once the mortgage is paid off, you've eliminated a major monthly expense and you can put that money toward other financial goals,” it concludes.

Here is a map illustrating the difference between renting and owning in every state:

rent v own map

(Courtesy of CNBC)

Here is a breakdown of the difference between renting and owning in every state:

Alabama

Median monthly cost for homeowners with a mortgage: $1,149
Median rent cost: $747

Difference between owning and renting: $402

 

Alaska

Median monthly cost for homeowners with a mortgage: $1,862
Median rent cost: $1,200

Difference between owning and renting: $662

 

Arizona

Median monthly cost for homeowners with a mortgage: $1,354
Median rent cost: $972

Difference between owning and renting: $382

 

Arkansas

Median monthly cost for homeowners with a mortgage: $1,039
Median rent cost: $709

Difference between owning and renting: $330

 

California

Median monthly cost for homeowners with a mortgage: $2,206
Median rent cost: $1,358

Difference between owning and renting: $848

 

Colorado

Median monthly cost for homeowners with a mortgage: $1,623
Median rent cost: $1,125

Difference between owning and renting: $498

 

Connecticut

Median monthly cost for homeowners with a mortgage: $2,065
Median rent cost: $1,123

Difference between owning and renting: $942

 

Delaware

Median monthly cost for homeowners with a mortgage: $1,533
Median rent cost: $1,076

Difference between owning and renting: $457

 

Florida

Median monthly cost for homeowners with a mortgage: $1,432
Median rent cost: $1,077

Difference between owning and renting: $355

 

Georgia

Median monthly cost for homeowners with a mortgage: $1,351
Median rent cost: $927

Difference between owning and renting: $424

 

Hawaii

Median monthly cost for homeowners with a mortgage: $2,303
Median rent cost: $1,507

Difference between owning and renting: $796

 

Idaho

Median monthly cost for homeowners with a mortgage: $1,195
Median rent cost: $792

Difference between owning and renting: $403

 

Illinois

Median monthly cost for homeowners with a mortgage: $1,633
Median rent cost: $952

Difference between owning and renting: $681

 

Indiana

Median monthly cost for homeowners with a mortgage: $1,109
Median rent cost: $782

Difference between owning and renting: $327

 

Iowa

Median monthly cost for homeowners with a mortgage: $1,202
Median rent cost: $740

Difference between owning and renting: $462

 

Kansas

Median monthly cost for homeowners with a mortgage: $1,310
Median rent cost: $801

Difference between owning and renting: $509

 

Kentucky

Median monthly cost for homeowners with a mortgage: $1,131
Median rent cost: $713

Difference between owning and renting: $418

 

Louisiana

Median monthly cost for homeowners with a mortgage: $1,234
Median rent cost: $825

Difference between owning and renting: $409

 

Maine

Median monthly cost for homeowners with a mortgage: $1,357
Median rent cost: $808

Difference between owning and renting: $549

 

Maryland

Median monthly cost for homeowners with a mortgage: $1,954
Median rent cost: $1,311

Difference between owning and renting: $643

 

Massachusetts

Median monthly cost for homeowners with a mortgage: $2,102
Median rent cost: $1,173

Difference between owning and renting: $929

 

Michigan

Median monthly cost for homeowners with a mortgage: $1,251
Median rent cost: $824

Difference between owning and renting: $427

 

Minnesota

Median monthly cost for homeowners with a mortgage: $1,506
Median rent cost: $906

Difference between owning and renting: $600

 

Mississippi

Median monthly cost for homeowners with a mortgage: $1,105
Median rent cost: $740

Difference between owning and renting: $365

 

Missouri

Median monthly cost for homeowners with a mortgage: $1,225
Median rent cost: $784

Difference between owning and renting: $441

 

Montana

Median monthly cost for homeowners with a mortgage: $1,344
Median rent cost: $751

Difference between owning and renting: $593

 

Nebraska

Median monthly cost for homeowners with a mortgage: $1,315
Median rent cost: $773

Difference between owning and renting: $542

 

Nevada

Median monthly cost for homeowners with a mortgage: $1,422
Median rent cost: $1,017

Difference between owning and renting: $405

 

New Hampshire

Median monthly cost for homeowners with a mortgage: $1,878
Median rent cost: $1,052

Difference between owning and renting: $826

 

New Jersey

Median monthly cost for homeowners with a mortgage: $2,398
Median rent cost: $1,249

Difference between owning and renting: $1149

 

New Mexico

Median monthly cost for homeowners with a mortgage: $1,244
Median rent cost: $809

Difference between owning and renting: $435

 

New York

Median monthly cost for homeowners with a mortgage: $2,064
Median rent cost: $1,194

Difference between owning and renting: $870

 

North Carolina

Median monthly cost for homeowners with a mortgage: $1,261
Median rent cost: $844

Difference between owning and renting: $417

 

North Dakota

Median monthly cost for homeowners with a mortgage: $1,326
Median rent cost: $775

Difference between owning and renting: $551

 

Ohio

Median monthly cost for homeowners with a mortgage: $1,247
Median rent cost: $764

Difference between owning and renting: $483

 

Oklahoma

Median monthly cost for homeowners with a mortgage: $1,181
Median rent cost: $766

Difference between owning and renting: $415

 

Oregon

Median monthly cost for homeowners with a mortgage: $1,594
Median rent cost: $988

Difference between owning and renting: $606

 

Pennsylvania

Median monthly cost for homeowners with a mortgage: $1,446
Median rent cost: $885

Difference between owning and renting: $561

 

Rhode Island

Median monthly cost for homeowners with a mortgage: $1,803
Median rent cost: $957

Difference between owning and renting: $846

 

South Carolina

Median monthly cost for homeowners with a mortgage: $1,202
Median rent cost: $836

Difference between owning and renting: $366

 

South Dakota

Median monthly cost for homeowners with a mortgage: $1,255
Median rent cost: $696

Difference between owning and renting: $559

 

Tennessee

Median monthly cost for homeowners with a mortgage: $1,196
Median rent cost: $808

Difference between owning and renting: $388

 

Texas

Median monthly cost for homeowners with a mortgage: $1,484
Median rent cost: $952

Difference between owning and renting: $532

 

Utah

Median monthly cost for homeowners with a mortgage: $1,455
Median rent cost: $948

Difference between owning and renting: $507

 

Vermont

Median monthly cost for homeowners with a mortgage: $1,563
Median rent cost: $945

Difference between owning and renting: $618

 

Virginia

Median monthly cost for homeowners with a mortgage: $1,728
Median rent cost: $1,166

Difference between owning and renting: $562

 

Washington

Median monthly cost for homeowners with a mortgage: $1,763
Median rent cost: $1,120

Difference between owning and renting: $643

 

West Virginia

Median monthly cost for homeowners with a mortgage: $997
Median rent cost: $681

Difference between owning and renting: $316

 

Wisconsin

Median monthly cost for homeowners with a mortgage: $1,399
Median rent cost: $813

Difference between owning and renting: $586

 

Wyoming

Median monthly cost for homeowners with a mortgage: $1,389
Median rent cost: $828

Difference between owning and renting: $561

Most Popular Articles

The downside of the hot 2020 housing market: rapid home-price growth

The mismatch in the COVID deflationary impact toward the economy overall and the strength of the housing market due to demographics makes for a troubling formula for home-price growth, which we are seeing. The recent NAR existing home sales report showed 15.5% year-over-year growth in prices. HW+ Premium Content

Nov 30, 2020 By

Latest Articles

Fannie and Freddie need “significant capital” to leave conservatorship, Mnuchin says

In a hearing before the House Financial Services Committee, Treasury Secretary Steven Mnuchin said no definite plans have been made for the future of Fannie Mae and Freddie Mac, but discussed the idea that they could be released from conservatorship before their full capital levels are reached.

Dec 02, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please