Owning beats Renting in Florida

July 28, 2017

LOS ANGELES – July 27, 2017 – Arizona, Nevada and Washington, D.C. are among the 11 states where it’s more affordable to rent than it is to buy a home. But owning a home still beats renting in Florida, according to a study by website GOBankingRates.

GoBankingRates surveyed all 50 states and the District of Columbia, and identified which states are best for buying a home and which are better suited for renting. For the cost of owning, the study assumed a 20-percent downpayment on a 30-year fixed loan.

In Florida, homeowners have the advantage. They GOBankingRates study found that the average monthly rent of $1,543 is $167 higher than the cost of an average monthly mortgage of $1,376. The difference amounts to about $2,000 per year that the average Florida family would save by owning rather than renting, though actual savings would differ by metro area and other variables.