Renting vs Owning a Home More Expensive in FL

Buying

According to a recent article posted by Florida Realtors, it's cheaper to own a home than rent one in 42 States.  Personal finance website GOBankingRates.com released a guide detailing how monthly rent compares to monthly mortgage payments across the U.S. To see the price breakdown for all U.S. states. 

According to GOBankingRates.com, the average savings enjoyed by homeowners in Florida is $398 per month. In its five-stage ranking system – a lot more to own, a little more to own, about the same, a little more to rent and a lot more to rent – Florida is one of 24 states in the "a lot more to rent" category.

"The good news is mortgage rates are near historic lows," says Kristen Bonner, lead researcher on the study. "Unfortunately, Americans are still running into road blocks with being able to save enough money to afford a down-payment, and are therefore forced to rent."

The study compared median rent prices for single-family homes against the median list price of homes in each state. GOBankingRates assumed a 20 percent down-payment for the median list price and applied a 30-year fixed-rate loan term. It also included the cost of property taxes and insurance.

States where renting is cheaper than owning - (average monthly savings for renters vs. owners)

  • Hawaii: $515
    Montana: $248
    Utah: $242
    Idaho: $204
    District of Columbia: $144
    Colorado: $137
    Wyoming: $99
    Delaware: $75
    Oregon: $12

Top 10 places where owning is cheaper than renting-(average monthly savings for owning vs. renting)

  • New York: $1,635
    Massachusetts: $559
    Illinois: $522
    New Jersey: $472
    Pennsylvania: $461
    Florida: $398
    Maine: $396
    Ohio: $375
    Alaska: $334
    Rhode Island: $334