According to experts, we should not spend more than 30% of our income on housing. However, for many people these days, that is an unrealistic expectation. Housing prices have been rising far faster than wages. And many people have been priced out of the neighborhoods that they have long called home.
And it’s not just home prices. The cost to rent has gone up just as quickly, if not quicker in some cities.
So it’s helpful to review new data that HowMuch compiled from the US Census Bureau to view the cost to rent vs the cost to buy a home across the country. They provide a state by state comparison, which shows that in most states (with the sole exception of Florida) it is still less expensive to rent.
You can see the comparison for every state here.