Cost of Renting vs. Owning a Home in Every State

According to conventional financial planning wisdom, it’s more cost-efficient to own a home than to rent one. But with high home prices across the U.S., is that still the case?

To find out the more affordable housing option, GOBankingRates analyzed the average price of renting versus owning a home in all 50 states, plus the District of Columbia. The study found that in the majority of states, it is actually cheaper to rent than to buy — though this goes by monthly cost and does not take into account the equity you build through homeownership.

So, while it may be more beneficial in the long term to own a home, in the short term it is actually cheaper to rent in many places in the U.S. Here’s a cost breakdown of renting versus owning in every state.

• Average Home Value: $197,182.31
• Average Monthly Rent: $1,481.03
• Average Monthly Mortgage: $1,240.85
• Cheaper Option: Owning

• Average Home Value: $330,682.23
• Average Monthly Rent: $1,709.93
• Average Monthly Mortgage: $2,080.96
• Cheaper Option: Renting

• Average Home Value: $387,091.18
• Average Monthly Rent: $2,295.38
• Average Monthly Mortgage: $2,435.94
• Cheaper Option: Renting

• Average Home Value: $174,454.61
• Average Monthly Rent: $1,290.56
• Average Monthly Mortgage: $1,097.83
• Cheaper Option: Owning

• Average Home Value: $792,377.47
• Average Monthly Rent: $2,937.75
• Average Monthly Mortgage: $4,986.38
• Cheaper Option: Renting

• Average Home Value: $599,580.84
• Average Monthly Rent: $2,548.05
• Average Monthly Mortgage: $3,773.12
• Cheaper Option: Renting

• Average Home Value: $499,878.84
• Average Monthly Rent: $2,240.56
• Average Monthly Mortgage: $2,831.06
• Cheaper Option: Renting

• Average Home Value: $413,557.83
• Average Monthly Rent: $1,892.38
• Average Monthly Mortgage: $2,602.49
• Cheaper Option: Renting

• Average Home Value: $715,350.97
• Average Monthly Rent: $2,447.11
• Average Monthly Mortgage: $4,501.65
• Cheaper Option: Renting

• Average Home Value: $579,698.00
• Average Monthly Rent: $2,464.03
• Average Monthly Mortgage: $3,648
• Cheaper Option: Renting

• Average Home Value: $247,686.31
• Average Monthly Rent: $1,824.19
• Average Monthly Mortgage: $1,558.67
• Cheaper Option: Owning

• Average Home Value: $934,097.87
• Average Monthly Rent: $2,712.95
• Average Monthly Mortgage: $5,878.21
• Cheaper Option: Renting

• Average Home Value: $455,282.52
• Average Monthly Rent: $1,714.24
• Average Monthly Mortgage: $2,865.06
• Cheaper Option: Renting

• Average Home Value: $204,558.70
• Average Monthly Rent: $1,676.93
• Average Monthly Mortgage: $1,287.27
• Cheaper Option: Owning

• Average Home Value: $212,932.99
• Average Monthly Rent: $1,341.29
• Average Monthly Mortgage: $1,339.97
• Cheaper Option: Owning

• Average Home Value: $192,227.06
• Average Monthly Rent: $1,170.67
• Average Monthly Mortgage: $1,209.99
• Cheaper Option: Renting

• Average Home Value: $167,193.04
• Average Monthly Rent: $1,240.47
• Average Monthly Mortgage: $1,052.13
• Cheaper Option: Owning

• Average Home Value: $157,695.35
• Average Monthly Rent: $1,305.90
• Average Monthly Mortgage: $992.37
• Cheaper Option: Owning

• Average Home Value: $177,175.53
• Average Monthly Rent: $1,371.23
• Average Monthly Mortgage: $1,114.95
• Cheaper Option: Owning

• Average Home Value: $336,176.48
• Average Monthly Rent: $2,119.46
• Average Monthly Mortgage: $2,115.54
• Cheaper Option: Owning

• Average Home Value: $441,073.23
• Average Monthly Rent: $1,993.99
• Average Monthly Mortgage: $2,775.64
• Cheaper Option: Renting

• Average Home Value: $627,101.47
• Average Monthly Rent: $2,551.18
• Average Monthly Mortgage: $3,946.31
• Cheaper Option: Renting

• Average Home Value: $241,988.81
• Average Monthly Rent: $1,478.15
• Average Monthly Mortgage: $1,522.82
• Cheaper Option: Renting

• Average Home Value: $294,745.34
• Average Monthly Rent: $1,562.38
• Average Monthly Mortgage: $1,854.81
• Cheaper Option: Renting

• Average Home Value: $148,034.05
• Average Monthly Rent: $1,432.28
• Average Monthly Mortgage: $931.57
• Cheaper Option: Owning

• Average Home Value: $224,190.56
• Average Monthly Rent: $1,363.55
• Average Monthly Mortgage: $1,410.82
• Cheaper Option: Renting

• Average Home Value: $406,553.60
• Average Monthly Rent: $1,685.60
• Average Monthly Mortgage: $2,558.41
• Cheaper Option: Renting

• Average Home Value: $208,843.08
• Average Monthly Rent: $1,280.24
• Average Monthly Mortgage: $1,314.24
• Cheaper Option: Renting

• Average Home Value: $449,802.73
• Average Monthly Rent: $1,823.90
• Average Monthly Mortgage: $2,830.58
• Cheaper Option: Renting

• Average Home Value: $440,917.44
• Average Monthly Rent: $2,128.70
• Average Monthly Mortgage: $2,774.66
• Cheaper Option: Renting

• Average Home Value: $598,385.33
• Average Monthly Rent: $2,488.33
• Average Monthly Mortgage: $3,765.60
• Cheaper Option: Renting

• Average Home Value: $272,596.54
• Average Monthly Rent: $1,408.38
• Average Monthly Mortgage: $1,715.42
• Cheaper Option: Renting

• Average Home Value: $450,550.64
• Average Monthly Rent: $4,637.27
• Average Monthly Mortgage: $2,835.28
• Cheaper Option: Owning

• Average Home Value: $296,107.28
• Average Monthly Rent: $1,707.62
• Average Monthly Mortgage: $1,863.38
• Cheaper Option: Renting

• Average Home Value: $219,648.05
• Average Monthly Rent: $1,002.45
• Average Monthly Mortgage: $1,382.23
• Cheaper Option: Renting

• Average Home Value: $221,789.56
• Average Monthly Rent: $1,462.05
• Average Monthly Mortgage: $1,395.71
• Cheaper Option: Owning

• Average Home Value: $153,233.18
• Average Monthly Rent: $1,233.26
• Average Monthly Mortgage: $964.29
• Cheaper Option: Owning

• Average Home Value: $443,292.40
• Average Monthly Rent: $1,908.67
• Average Monthly Mortgage: $2,789.61
• Cheaper Option: Renting

• Average Home Value: $245,253.83
• Average Monthly Rent: $1,562.01
• Average Monthly Mortgage: $1,543.37
• Cheaper Option: Owning

• Average Home Value: $529,788.13
• Average Monthly Rent: $2,128.14
• Average Monthly Mortgage: $3,333.92
• Cheaper Option: Renting

• Average Home Value: $265,894.80
• Average Monthly Rent: $1,693.44
• Average Monthly Mortgage: $1,673.26
• Cheaper Option: Owning

• Average Home Value: $277,156.35
• Average Monthly Rent: $1,242.41
• Average Monthly Mortgage: $1,744.13
• Cheaper Option: Renting

• Average Home Value: $257,620.56
• Average Monthly Rent: $1,742.77
• Average Monthly Mortgage: $1,621.19
• Cheaper Option: Owning

• Average Home Value: $289,286.22
• Average Monthly Rent: $1,767.53
• Average Monthly Mortgage: $1,820.46
• Cheaper Option: Renting

• Average Home Value: $511,211.47
• Average Monthly Rent: $1,858.77
• Average Monthly Mortgage: $3,217.02
• Cheaper Option: Renting

• Average Home Value: $374,248.32
• Average Monthly Rent: $2,514.63
• Average Monthly Mortgage: $2,355.12
• Cheaper Option: Owning

• Average Home Value: $312,503.76
• Average Monthly Rent: $1,976.59
• Average Monthly Mortgage: $1,966.56
• Cheaper Option: Owning

• Average Home Value: $559,616.71
• Average Monthly Rent: $2,109.42
• Average Monthly Mortgage: $3,521.63
• Cheaper Option: Renting

• Average Home Value: $141,289.57
• Average Monthly Rent: $1,096.26
• Average Monthly Mortgage: $889.13
• Cheaper Option: Owning

• Average Home Value: $301,960.82
• Average Monthly Rent: $1,300.26
• Average Monthly Mortgage: $1,900.22
• Cheaper Option: Renting

• Average Home Value: $403,251.27
• Average Monthly Rent: $1,141.04
• Average Monthly Mortgage: $2,537.63
• Cheaper Option: Renting