Renting vs Owning in North Dakota
It's a question people constantly wrestle with in their life. Should I rent a home or buy a home?
Certainly the answer to this question varies greatly depending on a person's situation. However, we can look at the average price of renting and the average price of owning to at least help out.
GoBankingRates.com just released the average price of renting a home and the average price of owning a home in every state.
In North Dakota, according to the report, it is cheaper to own a home than it is to rent. The average mortgage cost in North Dakota is $1,144 while the average price to rent is $1,250.
Of course the difference is only $106 which means you can feel comfortable not regretting whatever decision you may have recently made.
GoBankingRates.com predicts that the $106 differential may increase though. It may become even cheaper to own a home in North Dakota in the near future because an estimated 22% of homes in the state in North Dakota are overvalued thanks to the oil boom a few years ago.
Anyone who was around for that knows the price of everything went way up during that time.
Depending on who you talk to and what you read though, some say another oil boom is coming though which would juxtapose GoBankingRate.com's projection.