And the answer is yes, no or maybe. How is that for a definitive answer. Well, it is not an easy question to answer. Because actually, there are 51 different answers, and we can break those 51 answers down into many, many more answers.
Are you confused yet? If yes, then my job here is complete. But let me try to explain.
You see, there is not a single answer to that question. And the 51 different answers pertain to the 50 states (and the District of Columbia).
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I’m back – thanks for waiting. Now where was I? Oh yeah – 51 answers.
So I’ve broken down the answers into four categories. In the category of “It’s Much Cheaper to Own” we have 30 states. The next category, “It’s cheaper to own, but not as much as the first category”, we have 9 states.
Now let’s talk about where it costs less to rent, and in the “Lot Less to Rent” category we have 6 states (and the District of Columbia). And in the final category, “It’s a Little Less to Rent” we have the remaining 5 states.
Now is this a bit less confusing?
Hey – I just remembered something. Would you like to know where New Jersey stands in this mass of confusion? Of course you would. New Jersey is in the “It’s Much Cheaper to Own” group.
So if you are still renting the home you live in, why are you?