Owning a home has long been an essential part of the American dream, combining the basic need for housing with the chance to invest in a piece of property. But, for an increasing portion of Americans, homeownership only seems to be getting further and further out of reach. For those people, renting isn’t a preference — it’s their only choice.
However, renting isn’t necessarily a financial setback, though it’s sometimes portrayed that way. Investing the money that you might have otherwise spent on a down payment can result in a brighter financial future than paying a mortgage with an interest rate that’s too high. There are also many different ways that a growing family can benefit from the flexibility of renting. After all, what defines a home is the people living in it, not who holds the deed.
In a new study, GOBankingRates used Zillow’s rent index to compile the average monthly rent for a single-family residence in every state. Median home list prices were also provided as supplemental data. The final ranking should allow you to understand which parts of the country are the least friendly to renters, and which states can help you save money and avoid squeezing your budget.
Last updated: April 17, 2020
