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To rent or to own? Here’s who pays more

Is it better to rent or to buy? That depends on where you live and whether you think long-term or short-term. In every state across the country, homeowners with a mortgage pay more per month than renters, but the difference is far more drastic in some than others, according to a CNBC report on U.S. Census data from 2013-2017. Renting in New York State is roughly $870 cheaper than buying. The disparity is less drastic in Illinois — owners pay around $681 more per month than renters. Florida owners pay just $355 per month more than renters. The biggest disparity is in New Jersey, where it costs $1,149 per month to own a home than rent. It’s the lowest just an eight hour drive away in West Virginia, where it costs just $316 more to own than rent. West Virginia is also the cheapest overall state to rent and own and is less than half what it costs to rent and own in some of the more expensive states in the country. Today, more than two-thirds of renters plan to keep renewing their leases due to their finances, up from 59 percent just two years ago.