Buying is cheaper than renting in Mississippi

Owning a home is a better financial decision than renting in Mississippi, according to a study by website GOBankingRates.

GoBankingRates surveyed the cost of renting versus owning a home in all 50 states and the District of Columbia. The study used estimated rental data on Zillow. It used the median list price of homes listed on Zillow and estimated monthly mortgage to own a home based a 20 percent down payment and a 30-year fixed-rate loan.

In Mississippi, monthly rent was found to be $1,039, and monthly mortgage payments were found to be $886. Renting costs $153 more than owning a home with a median list price of $174,500.
The study also found that, “Although renting a home is more expensive than buying one in Mississippi, the monthly rent here is still below the national median of $1,416.”

The study concluded that Mississippi is one of the cheapest states to live in, whether renting or buying.

For more, see https://www.gobankingrates.com/mortgage-rates/cost-renting-vs-owning-home-state-2017/26/