In California, Georgia and New Jersey, renters have the cost saving advantage.
Mortgage and rental costs are shifting throughout the country, with some parts of the country paying astronomical rent costs and others facing steep monthly mortgage payments. In certain cities in the Bay Area, for example, owning a home costs at least $2,000 more than renting, a Smart Asset study found. Homeowners in New Jersey also often pay more than twice as much as renters.
It pays to be a homeowner in certain states. Renting is especially expensive in Southern states like Arizona and Florida. Smart Asset’s study found that these cities were the costliest for renters. In Surprise, Arizona, renters pay almost $400 more than homeowners. The median monthly gross rent is $2,064, but homeowners pay $1,696 on average. The average monthly mortgage comes in at just over $455,000. San Tan Valley, Arizona, renters pay $277 more on average than buyers.
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