Oregon is one of the worst states to buy a home. | Travel Portland via Facebook
The No. 1 Worst State to Buy a House
There’s lots ofِ debate aroundِ whether it’s betterِ to rent orِ buy a home.
HowMuch.net recently collected data toِ compare theِ median monthly mortgage payment withِ theِ median monthly rent payment inِ eachِ state.
From there, itِ determined theِ renting verses buying price gap toِ helpِ decide whereِ making suchِ a big investment wouldِ beِ worth it.
With itsِ progressive laws andِ trendy millennial lifestyle, Oregon is, economically, oneِ ofِ the fastest growing states inِ the country.
But according toِ HowMuch.net, foregoing a rental agreement inِ the Pacific Northwest willِ set youِ backِ a sizeable chunk ofِ change eachِ month, making itِ one ofِ the worst states toِ buy a home.
Mortgages are expensive in Vermont. | Spencer Platt/Getty Images
Next: A quaint New England State
Buying a home inِ a quaint New England state, suchِ asِ Vermont, isِ appealing forِ many people.
However, whenِ weِ considerِ the price betweenِ monthly rental andِ mortgage payments, it’s clear renting a home hereِ is theِ cheaper option.
Although trendy, it’s not wise to buy a home in Washington. | iStock.com
Washington isِ the secondِ state inِ the Pacific Northwest onِ our list toِ score dismally onِ median home payments.
Buying a home inِ Washington willِ set youِ backِ aboutِ $624 moreِ than itِ would toِ rent, according toِ HowMuch.net’s report.
Next: Homeowners here pay almost $2,000 per month
Homeowners inِ Maryland pay nearlyِ $2,000 a month onِ their mortgage.
Compare thatِ to a muchِ moreِ reasonable median rental rate, andِ Maryland becomesِ the 12th worst state toِ buy a home inِ the U.S.
Main Street in Annapolis, Maryland | Jim Watson/AFP/Getty Images
Residents whoِ rent inِ Illinois areِ saving thousands perِ year byِ putting offِ homeownership.
So ifِ your American dream includes a location inِ Chicago, youِ mightِ want toِ reconsider dropping byِ allِ those open houses forِ a bit.
Don’t buy a home in Illinois. | iStock.com
Almost everythingِ in Alaska isِ more expensive, including monthly mortgage payments.
There’s overِ a $650 price difference inِ renting verses buying outِ inِ The Last Frontier.
Outside ofِ the Lower 48, residents canِ expect certainِ expenses toِ dig a deeper hole thanِ those whoِ reside withinِ theِ continental U.S.
But ifِ island life isِ forِ you, considerِ renting first.
Hawaii ranks highest inِ cost ofِ living andِ as theِ ninth worst state toِ buy a home.
Next: Rhode Island
8. Rhode Island
The Northeast isِ no stranger toِ high costs ofِ living, andِ Rhode Island hasِ no interest inِ bucking theِ trend.
Home prices hereِ areِ steep.
HowMuch.net tells usِ it’s nearlyِ $800 perِ month cheaper toِ rent thanِ buy inِ Rhode Island.
Next: The first state on our list to crack the $800 price difference.
7. New Hampshire
We won’t travel farِ to find theِ seventh worst state toِ buy a home. New Hampshire residents spend a median amount ofِ $1,828 onِ their mortgage andِ aboutِ $1,017 onِ rent. With suchِ a large price gap, there’s a possibility forِ homebuyers toِ spend thousands moreِ per year thanِ savvy renters.
California hasِ the fourth highest median mortgage payment ofِ allِ the states onِ this list. Although rental prices areِ alsoِ steep, it’s stillِ significantly cheaper toِ rent thanِ buy, andِ budget-conscious residents shouldِ take note.
Next: New York
5. New York
Whether youِ live inِ the Adirondacks, Hudson Valley, orِ the Big Apple, choosing toِ buy a home ratherِ than rent yourِ nextِ dwelling inِ New York willِ cost you. It’s aboutِ $836 moreِ per month toِ buy thanِ rent, according toِ HowMuch.net.
Buying a home inِ Massachusetts wouldِ beِ unwise. The peace ofِ mind thatِ comesِ with notِ havingِ to shovel snow fromِ your ownِ driveway everyِ winter shouldِ beِ enough toِ tip theِ scales inِ the rental direction. But ifِ not, maybeِ the median monthly savings ofِ $884 perِ month willِ doِ the trick.
Next: Washington, D.C.
3. Washington, D.C.
The nation’s capital isِ no stranger toِ anyِ “best of” andِ “worst of” lists. When itِ comesِ to cost ofِ living, Washington, D.C., isِ one ofِ the biggest money pits inِ America. But locals canِ ease theِ pain byِ renting ratherِ than buying theirِ home, saving hundreds ofِ dollars monthly.
Just likeِ many ofِ itsِ neighbors, Connecticut hasِ some ofِ the highest mortgage payments inِ the country. But theِ median monthly rent isِ actuallyِ pretty reasonable. Therefore, Connecticut isِ the secondِ worst state toِ buy a home inِ the U.S.
Next: The worst state to buy a home
1. New Jersey
With anِ astonishing $1,135 perِ month price difference betweenِ renting andِ buying a home, New Jersey ranks asِ the absolute worst state inِ the country toِ buy a home. In fact, residents whoِ decide toِ ownِ homes inِ this state wouldِ pay aroundِ $13,620 moreِ per year inِ housing costs.