Although both home prices and rental prices are on the rise, in every single U.S. state, homeowners with a mortgage spend more money per month than renters on housing. That's according to data from the U.S. Census Bureau's 2013-2017 American Community Survey five-year estimates, which tracks median housing costs across the country.
Exactly how much more money owners pay varies by state. In New Jersey, the discrepancy between the median monthly cost for renters and those with a mortgage is more than $1,100. In Arkansas, the disparity is just over $300.
Though the Census Bureau doesn't offer a reason why, other analyses have shown that owning is more expensive than renting because owners need to cover related costs such as maintenance, property taxes, repairs, and insurance, in addition to handling their monthly mortgage payments, and those keep rising.
"The monthly costs of buying and owning a home that you occupy are up 14 percent over the past year, more than three times the annual increase in rent rates nationally, according to realtor.com. Rents are up just 4 percent," CNBC's Diana Olick reported in 2018.
Read more in CNBC.