Buying Is Still Better Than Renting in Most States
Affordability challenges are weighing on the housing market, as many homebuyers and sellers contend with either being unable to compete or to find a new home within reach.
Buying a home, however, is still better than renting one in most states—35, to be exact, according to a recent study by GOBankingRates.
**High rents in Fort Lauderdale and Miami becoming a major reason tenants are becoming Homeowners**
Buying is significantly more affordable than renting in Alaska, Illinois, Maryland, New Jersey and New York, the study reveals, with New Jersey residents saving $566 a month by owning—the highest yield of all states.
In six states, the gap between buying and renting is so slim that neither is substantially more affordable than the other, the study shows: Alabama, California, South Carolina, Virginia, Washington and Wyoming.
The 35 states where buying is more affordable than renting are (in alphabetical order): Alaska; Arkansas; Connecticut; Delaware; Florida; Georgia; Illinois; Indiana; Iowa; Kansas; Kentucky; Louisiana; Maine; Maryland; Massachusetts; Michigan; Minnesota; Mississippi; Missouri; Nebraska; New Hampshire; New Jersey; New Mexico; New York; North Dakota; Ohio; Oklahoma; Pennsylvania; Rhode Island; South Dakota; Tennessee; Texas; Vermont; West Virginia; and Wisconsin.
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