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?

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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.

Alabama

• Average Home Value: $197,182.31

• Average Monthly Rent: $1,481.03

• Average Monthly Mortgage: $1,240.85

• Cheaper Option: Owning

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Alaska

• Average Home Value: $330,682.23

• Average Monthly Rent: $1,709.93

• Average Monthly Mortgage: $2,080.96

• Cheaper Option: Renting

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Arizona

• Average Home Value: $387,091.18

• Average Monthly Rent: $2,295.38

• Average Monthly Mortgage: $2,435.94

• Cheaper Option: Renting

Arkansas

• Average Home Value: $174,454.61

• Average Monthly Rent: $1,290.56

• Average Monthly Mortgage: $1,097.83

• Cheaper Option: Owning

California

• Average Home Value: $792,377.47

• Average Monthly Rent: $2,937.75

• Average Monthly Mortgage: $4,986.38

• Cheaper Option: Renting

Colorado

• Average Home Value: $599,580.84

• Average Monthly Rent: $2,548.05

• Average Monthly Mortgage: $3,773.12

• Cheaper Option: Renting

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Connecticut

• Average Home Value: $499,878.84

• Average Monthly Rent: $2,240.56

• Average Monthly Mortgage: $2,831.06

• Cheaper Option: Renting

Delaware

• Average Home Value: $413,557.83

• Average Monthly Rent: $1,892.38

• Average Monthly Mortgage: $2,602.49

• Cheaper Option: Renting

District of Columbia

• Average Home Value: $715,350.97

• Average Monthly Rent: $2,447.11

• Average Monthly Mortgage: $4,501.65

• Cheaper Option: Renting

Florida

• Average Home Value: $579,698.00

• Average Monthly Rent: $2,464.03

• Average Monthly Mortgage: $3,648

• Cheaper Option: Renting

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Georgia

• Average Home Value: $247,686.31

• Average Monthly Rent: $1,824.19

• Average Monthly Mortgage: $1,558.67

• Cheaper Option: Owning

Hawaii

• Average Home Value: $934,097.87

• Average Monthly Rent: $2,712.95

• Average Monthly Mortgage: $5,878.21

• Cheaper Option: Renting

Idaho

• Average Home Value: $455,282.52

• Average Monthly Rent: $1,714.24

• Average Monthly Mortgage: $2,865.06

• Cheaper Option: Renting

Illinois

• Average Home Value: $204,558.70

• Average Monthly Rent: $1,676.93

• Average Monthly Mortgage: $1,287.27

• Cheaper Option: Owning

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Indiana

• Average Home Value: $212,932.99

• Average Monthly Rent: $1,341.29

• Average Monthly Mortgage: $1,339.97

• Cheaper Option: Owning

Iowa

• Average Home Value: $192,227.06

• Average Monthly Rent: $1,170.67

• Average Monthly Mortgage: $1,209.99

• Cheaper Option: Renting

Kansas

• Average Home Value: $167,193.04

• Average Monthly Rent: $1,240.47

• Average Monthly Mortgage: $1,052.13

• Cheaper Option: Owning

Kentucky

• Average Home Value: $157,695.35

• Average Monthly Rent: $1,305.90

• Average Monthly Mortgage: $992.37

• Cheaper Option: Owning

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Louisiana

• Average Home Value: $177,175.53

• Average Monthly Rent: $1,371.23

• Average Monthly Mortgage: $1,114.95

• Cheaper Option: Owning

Maine

• Average Home Value: $336,176.48

• Average Monthly Rent: $2,119.46

• Average Monthly Mortgage: $2,115.54

• Cheaper Option: Owning

Maryland

• Average Home Value: $441,073.23

• Average Monthly Rent: $1,993.99

• Average Monthly Mortgage: $2,775.64

• Cheaper Option: Renting

Massachusetts

• Average Home Value: $627,101.47

• Average Monthly Rent: $2,551.18

• Average Monthly Mortgage: $3,946.31

• Cheaper Option: Renting

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Michigan

• Average Home Value: $241,988.81

• Average Monthly Rent: $1,478.15

• Average Monthly Mortgage: $1,522.82

• Cheaper Option: Renting

Minnesota

• Average Home Value: $294,745.34

• Average Monthly Rent: $1,562.38

• Average Monthly Mortgage: $1,854.81

• Cheaper Option: Renting

Mississippi

• Average Home Value: $148,034.05

• Average Monthly Rent: $1,432.28

• Average Monthly Mortgage: $931.57

• Cheaper Option: Owning

Missouri

• Average Home Value: $224,190.56

• Average Monthly Rent: $1,363.55

• Average Monthly Mortgage: $1,410.82

• Cheaper Option: Renting

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Montana

• Average Home Value: $406,553.60

• Average Monthly Rent: $1,685.60

• Average Monthly Mortgage: $2,558.41

• Cheaper Option: Renting

Nebraska

• Average Home Value: $208,843.08

• Average Monthly Rent: $1,280.24

• Average Monthly Mortgage: $1,314.24

• Cheaper Option: Renting

Nevada

• Average Home Value: $449,802.73

• Average Monthly Rent: $1,823.90

• Average Monthly Mortgage: $2,830.58

• Cheaper Option: Renting

New Hampshire

• Average Home Value: $440,917.44

• Average Monthly Rent: $2,128.70

• Average Monthly Mortgage: $2,774.66

• Cheaper Option: Renting

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New Jersey

• Average Home Value: $598,385.33

• Average Monthly Rent: $2,488.33

• Average Monthly Mortgage: $3,765.60

• Cheaper Option: Renting

New Mexico

• Average Home Value: $272,596.54

• Average Monthly Rent: $1,408.38

• Average Monthly Mortgage: $1,715.42

• Cheaper Option: Renting

New York

• Average Home Value: $450,550.64

• Average Monthly Rent: $4,637.27

• Average Monthly Mortgage: $2,835.28

• Cheaper Option: Owning

North Carolina

• Average Home Value: $296,107.28

• Average Monthly Rent: $1,707.62

• Average Monthly Mortgage: $1,863.38

• Cheaper Option: Renting

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North Dakota

• Average Home Value: $219,648.05

• Average Monthly Rent: $1,002.45

• Average Monthly Mortgage: $1,382.23

• Cheaper Option: Renting

Ohio

• Average Home Value: $221,789.56

• Average Monthly Rent: $1,462.05

• Average Monthly Mortgage: $1,395.71

• Cheaper Option: Owning

Oklahoma

• Average Home Value: $153,233.18

• Average Monthly Rent: $1,233.26

• Average Monthly Mortgage: $964.29

• Cheaper Option: Owning

Oregon

• Average Home Value: $443,292.40

• Average Monthly Rent: $1,908.67

• Average Monthly Mortgage: $2,789.61

• Cheaper Option: Renting

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Pennsylvania

• Average Home Value: $245,253.83

• Average Monthly Rent: $1,562.01

• Average Monthly Mortgage: $1,543.37

• Cheaper Option: Owning

Rhode Island

• Average Home Value: $529,788.13

• Average Monthly Rent: $2,128.14

• Average Monthly Mortgage: $3,333.92

• Cheaper Option: Renting

South Carolina

• Average Home Value: $265,894.80

• Average Monthly Rent: $1,693.44

• Average Monthly Mortgage: $1,673.26

• Cheaper Option: Owning

South Dakota

• Average Home Value: $277,156.35

• Average Monthly Rent: $1,242.41

• Average Monthly Mortgage: $1,744.13

• Cheaper Option: Renting

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Tennessee

• Average Home Value: $257,620.56

• Average Monthly Rent: $1,742.77

• Average Monthly Mortgage: $1,621.19

• Cheaper Option: Owning

Texas

• Average Home Value: $289,286.22

• Average Monthly Rent: $1,767.53

• Average Monthly Mortgage: $1,820.46

• Cheaper Option: Renting

Utah

• Average Home Value: $511,211.47

• Average Monthly Rent: $1,858.77

• Average Monthly Mortgage: $3,217.02

• Cheaper Option: Renting

Vermont

• Average Home Value: $374,248.32

• Average Monthly Rent: $2,514.63

• Average Monthly Mortgage: $2,355.12

• Cheaper Option: Owning

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Virginia

• Average Home Value: $312,503.76

• Average Monthly Rent: $1,976.59

• Average Monthly Mortgage: $1,966.56

• Cheaper Option: Owning

Washington

• Average Home Value: $559,616.71

• Average Monthly Rent: $2,109.42

• Average Monthly Mortgage: $3,521.63

• Cheaper Option: Renting

West Virginia

• Average Home Value: $141,289.57

• Average Monthly Rent: $1,096.26

• Average Monthly Mortgage: $889.13

• Cheaper Option: Owning

Wisconsin

• Average Home Value: $301,960.82

• Average Monthly Rent: $1,300.26

• Average Monthly Mortgage: $1,900.22

• Cheaper Option: Renting

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Wyoming

• Average Home Value: $403,251.27

• Average Monthly Rent: $1,141.04

• Average Monthly Mortgage: $2,537.63

• Cheaper Option: Renting

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This article originally appeared on GOBankingRates.com: Cost of Renting vs. Owning a Home in Every State