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.
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
- Puerto Rico – 85% cheaper to rent than buy
- Montana – 42% cheaper to rent than buy
- Wyoming – 40% cheaper to rent than buy
- Alabama – 39% cheaper to rent than buy
- Kentucky – 35% cheaper to rent than buy
- Louisiana – 34% cheaper to rent than buy
- North Dakota – 33% cheaper to rent than buy
- South Dakota – 33% cheaper to rent than buy
- Mississippi – 33% cheaper to rent than buy
- Rhode Island – 31% cheaper to rent than buy
- New Mexico – 30% cheaper to rent than buy
- Oklahoma – 29% cheaper to rent than buy
- California – 28% cheaper to rent than buy
- West Virginia – 28% cheaper to rent than buy
- Hawaii – 28% cheaper to rent than buy
- South Carolina – 27% cheaper to rent than buy
- Arkansas – 27% cheaper to rent than buy
- Nebraska – 27% cheaper to rent than buy
- Virginia – 26% cheaper to rent than buy
- Missouri – 26% cheaper to rent than buy
Is it more common to own or to rent in every U.S. state?
| State | Number Owned Properties | Number Rented Properties | %Owned | %Rented | Median contract rent | Mortgage Cost | % Cheaper to rent than buy |
|---|---|---|---|---|---|---|---|
| Puerto Rico | 802.024 | 389.281 | 67.32% | 32.68% | $371 | $688 | 85% |
| Montana | 292.585 | 130.506 | 69.15% | 30.85% | $667 | $946 | 42% |
| Wyoming | 159.792 | 66.004 | 70.77% | 29.23% | $703 | $987 | 40% |
| Alabama | 1,253,199 | 588.466 | 68.05% | 31.95% | $565 | $786 | 39% |
| Kentucky | 1,146,668 | 578.366 | 66.47% | 33.53% | $571 | $771 | 35% |
| Louisiana | 1,132,229 | 604.894 | 65.18% | 34.82% | $678 | $907 | 34% |
| Mississippi | 748.055 | 343.925 | 68.50% | 31.50% | $574 | $762 | 33% |
| North Dakota | 200.554 | 115.752 | 63.41% | 36.59% | $693 | $922 | 33% |
| South Dakota | 233.092 | 111.168 | 67.71% | 32.29% | $621 | $825 | 33% |
| Kansas | 743.508 | 385.475 | 65.86% | 34.14% | $636 | $831 | 31% |
| Rhode Island | 248.723 | 160.025 | 60.85% | 39.15% | $832 | $1,089 | 31% |
| New Mexico | 521.45 | 246.255 | 67.92% | 32.08% | $697 | $904 | 30% |
| Oklahoma | 962.483 | 507.881 | 65.46% | 34.54% | $620 | $801 | 29% |
| California | 7,125,090 | 5,880,007 | 54.79% | 45.21% | $1,320 | $1,696 | 28% |
| West Virginia | 518.882 | 196.426 | 72.54% | 27.46% | $523 | $672 | 28% |
| Hawaii | 268.078 | 190 | 58.52% | 41.48% | $1,434 | $1,840 | 28% |
| South Carolina | 1,309,670 | 595.43 | 68.75% | 31.25% | $665 | $844 | 27% |
| Arkansas | 752.399 | 400.683 | 65.25% | 34.75% | $548 | $697 | 27% |
| Nebraska | 500.086 | 254.404 | 66.28% | 33.72% | $657 | $835 | 27% |
| Virginia | 2,077,417 | 1,043,463 | 66.57% | 33.43% | $1,005 | $1,271 | 26% |
| Missouri | 1,596,870 | 788.265 | 66.95% | 33.05% | $628 | $789 | 26% |
| Pennsylvania | 3,421,017 | 1,587,734 | 68.30% | 31.70% | $743 | $929 | 25% |
| North Carolina | 2,586,616 | 1,368,453 | 65.40% | 34.60% | $698 | $869 | 24% |
| District of Columbia | 118.805 | 162.67 | 42.21% | 57.79% | $1,408 | $1,749 | 24% |
| Massachusetts | 1,623,515 | 981.439 | 62.32% | 37.68% | $1,084 | $1,338 | 23% |
| Tennessee | 1,693,790 | 894.865 | 65.43% | 34.57% | $666 | $817 | 23% |
| Texas | 5,964,183 | 3,659,691 | 61.97% | 38.03% | $843 | $1,029 | 22% |
| Ohio | 3,070,181 | 1,597,011 | 65.78% | 34.22% | $627 | $764 | 22% |
| Utah | 681.563 | 293.885 | 69.87% | 30.13% | $865 | $1,059 | 22% |
| Georgia | 2,354,922 | 1,390,152 | 62.88% | 37.12% | $782 | $946 | 21% |
| Idaho | 435.493 | 189.642 | 69.66% | 30.34% | $698 | $844 | 21% |
| Wisconsin | 1,565,599 | 784.694 | 66.61% | 33.39% | $699 | $832 | 19% |
| Iowa | 900.362 | 357.143 | 71.60% | 28.40% | $628 | $748 | 19% |
| Oregon | 1,007,015 | 596.62 | 62.80% | 37.20% | $935 | $1,101 | 18% |
| Connecticut | 898.234 | 458.528 | 66.20% | 33.80% | $963 | $1,133 | 18% |
| New York | 3,930,033 | 3,374,299 | 53.80% | 46.20% | $1,116 | $1,310 | 17% |
| New Jersey | 2,053,929 | 1,164,869 | 63.81% | 36.19% | $1,151 | $1,347 | 17% |
| Maine | 395.809 | 145.15 | 73.17% | 26.83% | $720 | $844 | 17% |
| Illinois | 3,182,232 | 1,626,440 | 66.18% | 33.82% | $852 | $986 | 16% |
| Minnesota | 1,547,594 | 614.617 | 71.57% | 28.43% | $859 | $997 | 16% |
| New Hampshire | 369.037 | 159.663 | 69.80% | 30.20% | $953 | $1,105 | 16% |
| Delaware | 253.948 | 103.989 | 70.95% | 29.05% | $935 | $1,078 | 15% |
| Alaska | 159.344 | 91.397 | 63.55% | 36.45% | $1,085 | $1,253 | 15% |
| Washington | 1,783,549 | 1,056,828 | 62.79% | 37.21% | $1,087 | $1,237 | 14% |
| Nevada | 619.309 | 475.304 | 56.58% | 43.42% | $903 | $1,031 | 14% |
| Arizona | 1,652,321 | 900.651 | 64.72% | 35.28% | $858 | $967 | 13% |
| Indiana | 1,765,500 | 791.799 | 69.04% | 30.96% | $633 | $706 | 12% |
| Maryland | 1,472,500 | 734.843 | 66.71% | 33.29% | $1,193 | $1,319 | 11% |
| Michigan | 2,803,372 | 1,126,645 | 71.33% | 28.67% | $693 | $765 | 10% |
| Colorado | 1,394,824 | 744.383 | 65.20% | 34.80% | $1,125 | $1,227 | 9% |
| Vermont | 178.405 | 78.224 | 69.52% | 30.48% | $844 | $882 | 5% |
| Florida | 5,010,187 | 2,679,777 | 65.15% | 34.85% | $975 | $947 | 0.97% |
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