I can’t answer that question, even though I wish I could. You see, I don’t have enough information to answer. But if you rephrase the question, maybe I can. If you were to tell me what state you were asking about I could answer. But in the 50 states (and the District of Columbia) there are 51 different answers.
Most of the answers would be yes. If we are referring to the monthly payment cost, it will cost you less to purchase your home than to rent it in 39 states. And in only 11 states (and the District of Columbia) will it be less to own than to purchase your own home.
In the states where it will cost less, 30 out of 39 will cost a lot less. And in very few areas will it cost a lot less to rent than to own. And would you really want to live in Oklahoma, Idaho, Utah or Montana? Well maybe Montana, where the speed limit on many roads is defined as “Whatever speed is safe and prudent.”
So if you are still renting, you should do something about that. I wonder what you could possibly do? Hey! Here’s an idea that may work. Why don’t you just go ahead and buy your own home. And here is an idea that will make it easier for you. All you need to do is to call your favorite Realtors, Bunny and Art Reiman. Our number is 732-598-7700. Or you can search for a new home online by going to one of our web sites, www.BunnyandArt.com www.55PlusInOcean.com or www.55PlusinMonmouth.com .
So I saved this bit of info for the last in order that you would then read the entire article. Where does New Jersey stand in this? Well, in New Jersey it is a lot cheaper to own your own than to rent.