The Cost Of Home Renting Vs Owning In Fl

The Cost Of Home Renting Vs Owning In Fl

LOS ANGELES – July 19, 2016 – 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, visit the GOBankingRates website.

The bottom line: It's cheaper to own a home than it is to rent one in 42 states, with renting more affordable in only eight states and the District of Columbia.

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 downpayment, 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 downpayment 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

  • Hawaii: $515 (average monthly savings for renters vs. owners)

  • 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

  • New York: $1,635

  • Massachusetts: $559

  • Illinois: $522

  • New Jersey: $472

  • Pennsylvania: $461

  • Florida: $398

  • Maine: $396

  • Ohio: $375

  • Alaska: $334

  • Rhode Island: $334


Courtesy: http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=340578



Ray Negron Headshot
Author:
Phone: 561-202-4369
Dated: July 22nd 2016
Views: 296
About Ray: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Hot Market - click
Summer - click
FOURTH OF JULY FUN IN THE PALM BEACHES - Pack your bags and discover the
Buy A Private Island For 269900 No Kidding - Looking to buy an island? Call...

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Exit Realty Premier Elite
8961 Hypoluxo Road
Lake Worth, FL
561-701-8124


Other Locations