Home prices may be on the rise across the country, but you’re still better off buying a home in most states in the U.S. than renting one. Consumers in only 11 states will find renting more affordable than buying a home, according to a new study by GOBankingRates, a personal finance website.
GOBankingRates analyzed the cost of renting versus owning a home in all 50 states and the District of Columbia. Researchers looked at estimated rent prices for all homes listed on a real estate website. It then calculated the estimated monthly mortgage to own a home in each state, based on the median list price of homes, a 20 percent down payment, and a 30-year fixed-rate loan.
Buying vs. Renting a Home in Vermont
- Monthly rent in Vermont: $1,574
- Monthly mortgage in Vermont: $1,233
- Should you rent or buy: Buy
Can’t decide if you should buy or rent a home in Vermont? Well, keep in mind that it’s $341 more expensive to rent than own a home with a median list price of $249,500 in this state.
See the full report here.
Source: “The 2017 Cost of Renting vs. Owning a Home in Every State,” GoBankingRates.com (July 24, 2017)