Take off or buy: how profitable to live in each state
Фото: Depositphotos
Finding housing in the United States is a complex and expensive process. When moving to a new place, it is sometimes difficult to decide what is more profitable: renting or buying a home.
Edition GO Banking Rates compared the average cost of rental housing in different states, and the amount of payments on the loan in the case of buying a home, to understand which option is more profitable.
1. Alabama:
Rental cost per month - $993
Monthly loan payment – $958
Which is more profitable - any option
2. Alaska:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
3. Arizona:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - rent
4. Arkansas:
Rental cost per month - $930
Monthly loan payment – $816
What is more profitable - buying
5. California:
Rental cost per month - $2
Monthly loan payment – $2
Which is more profitable - any option
6. Colorado:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - rent
7. Connecticut:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
8. Delaware:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
9. Florida:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
10. Georgia:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
11. Hawaii:
Rental cost per month - $2
Monthly loan payment – $2
What is more profitable - rent
12. Idaho:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - rent
13. Illinois:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
14. Indiana:
Rental cost per month - $1
Monthly loan payment – $824
What is more profitable - buying
15. Iowa:
Rental cost per month - $1
Monthly loan payment – $890
What is more profitable - buying
16. Kansas:
Rental cost per month - $1
Monthly loan payment – $864
What is more profitable - buying
17. Kentucky:
Rental cost per month - $1
Monthly loan payment – $884
What is more profitable - buying
18. Louisiana:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
19. Maine:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
20. Maryland:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
21. Massachusetts:
Rental cost per month - $2
Monthly loan payment – $2
What is more profitable - buying
22. Michigan:
Rental cost per month - $1
Monthly loan payment – $848
What is more profitable - buying
23. Minnesota:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
24. Mississippi:
Rental cost per month - $1
Monthly loan payment – $886
What is more profitable - buying
25. Missouri:
Rental cost per month - $1
Monthly loan payment – $857
What is more profitable - buying
26. Montana:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - rent
27. Nebraska:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
28. Nevada:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - rent
29. New Hampshire:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
30. New Jersey:
Rental cost per month - $2
Monthly loan payment – $1
What is more profitable - buying
31. New Mexico:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
32. New York:
Rental cost per month - $2
Monthly loan payment – $1
What is more profitable - buying
33. North Carolina:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - rent
34. North Dakota:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
35. Ohio:
Rental cost per month - $1
Monthly loan payment – $793
What is more profitable - buying
36. Oklahoma:
Rental cost per month - $948
Monthly loan payment – $853
What is more profitable - buying
37. Oregon:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - rent
38. Pennsylvania:
Rental cost per month - $1
Monthly loan payment – $978
What is more profitable - buying
39. Rhode Island:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
40. South Carolina:
Rental cost per month - $1
Monthly loan payment – $1
Which is more profitable - any option
41. South Dakota:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
42. Tennessee:
Rental cost per month - $1
Monthly loan payment – $963
What is more profitable - buying
43. Texas:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
44. Utah:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - rent
45. Vermont:
Rental cost per month - $1
Monthly loan payment – $1
What is more profitable - buying
46. Virginia:
Rental cost per month - $1
Monthly loan payment – $1
Which is more profitable - any option
47. Washington:
Rental cost per month - $1
Monthly loan payment – $1
Which is more profitable - any option
48. West Virginia:
Rental cost per month - $903
Monthly loan payment – $796
What is more profitable - buying
49. Wisconsin:
Rental cost per month - $1
Monthly loan payment – $955
What is more profitable - buying
50. Wyoming:
Rental cost per month - $1
Monthly loan payment – $1
Which is more profitable - any option
51. Columbia region
Rental cost per month - $2
Monthly loan payment – $2
What is more profitable - renting.
Read also on ForumDaily:
Best and worst cities for buying a first home
10 US major cities where real estate prices fall
How in America to buy housing at auction
Seven hidden costs when selling a home
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