August 5, 2021

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Mortgage News

Rent vs. Buy: The best option in America’s 10 most populous states

The cheapest homes can be found in Winterville, King, Marion and Sawmills. With prices around $ 100,000, yours will be more cost effective to buy and build Home equity in these areas than to pay an annual rent of $ 50,000 to $ 70,000.

For example, you may hit your break-even point after having owned a home in Caldwell County for just 19 months. That’s almost a year faster than the North Carolina average.

10. Michigan

  • Population: 9,986,857
  • Population per square mile: 177
  • Average rent: $ 1,135
  • Monthly House Payment: $ 1,279

With an average home value of $ 205,000, Michigan is one of the cheapest states to buy a new home. It is also the seventh state with the lowest cost of living, according to WPR.

Average rent is slightly cheaper again at $ 142 a month, but owning will likely be cheaper than renting in Michigan after just two years.

In addition, housing prices in major cities are also lower than the national average, so you can live closer to your place of work. In particular, the average home price is $ 123,400 in Lansing and only $ 51,100 in Detroit.