Using data from the US Census Bureau, CNBC found in its most recent community survey that homeowners spend more on housing costs per month than renters.
According to CNBC, “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.” This difference in housing costs – owning vs. renting – averaged +14%.
CNBC was quick to point out that homeowners benefit from the rewards of price appreciation, home equity growth and “a sense of security.”
Take a look at the differences among states with the highest and lowest costs of homeownership vs. renting:
States with Highest Costs of Homeownership vs. Renting Per Month
- New Jersey $1,149/month
- Connecticut $942/month
- Massachusetts $929/month
- New York $870/month
- California $848/month
- Rhode Island $846/month
- New Hampshire $826/month
- Hawaii $796/month
- Illinois $681/month
- Maryland $643/month
States with Lowest Cost of Homeownership vs. Renting Per Month
- Arkansas $300/month
- West Virginia $316/month
- Indiana $327/month
- Florida $355/month
- Mississippi $365/month
- South Carolina $366/month
- Arizona $382/month
- Tennessee $388/month
- Oklahoma $415/month
- North Carolina $417/month
