Realtor, an online database on real estates had created a map of whether is it cheaper to buy a house or rent a house over 3142 US counties. They used the locals’ median income as the indicator to compare with the local mortgage and rents. Hence its aspect is at the families with average income; not in the point of view of the wealthy 1% nor the poverty line folks. In addition, the data were collected and organized by April 2016. It should not have too much different from today’s average.
Of course, not every house in certain counties cost the same, not every mortgage plans from every bank have the same interest rate nor every rental cost the same. This reports used the “most” median numbers of all aspects to make a decision, buy or rent.
Unsurprisingly, in metropolitan areas like New York City and Santa Barbara, the cost of a mortgage is many times higher than the cost of renting. In the same time, in rural areas, the cost of paying a mortgage is cheaper than renting a home. This is not something many city dwellers can imagine.