Cost of Home Ownership vs. Renting

According to a new Nerd Wallet report, homeowners in all fifty states pay from 33% to 93% more for housing each month than renters living in the same state.  Nationwide, the monthly median cost of homeownership is 54% more than the median cost to rent.  In Oregon, the cost of homeownership is 63%  higher than renting, with a median monthly cost of $1,534 compared to $943 for renting.

These homeownership costs are based on 2015 data from the U. S. Census Bureau and include mortgage payments, real estate taxes, insurance and utilities.  They do not include costs associated with buying a house (like the down payment) or monthly maintenance bills.  On the flip side, the financial benefits of homeownership, like tax deductions and the growth of equity, are not factored in.

To read the report and view the chart for each state, visit Nerd Wallet at https://www.nerdwallet.com/blog/mortgages/cost-homeownership-vs-renting/

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