Money

Here's how much more it costs to buy a home than rent in all 50 states

There's no getting around it: Owning a home  across all 50 states.

That being said, depending on your situation, buying a home can be a smart investment. You'll just want to of home-ownership first.

To help you make the decision, CNBC rounded up the price gap between owning and renting, using data collected by cost information site Howmuch.net.

Here's how much more it costs to own then rent in all 50 states. States are listed in descending order of price difference.

Rent vs buy chart NWELLS 170505 EC

New Jersey

Monthly payment with a mortgage: $2,349
Monthly rent: $1,214
Price difference: $1,135

Jersey City, New Jersey
Getty Images

Connecticut

Monthly payment with a mortgage: $2,020
Monthly rent: $1,108
Price difference: $912

Hartford, Connecticut, is teetering on the brink of bankruptcy, with a projected $2.7 billion deficit for the new fiscal year, beginning July 1.
Sean Pavone Photo | iStock | Getty Images

Washington, D.C.

Monthly payment with a mortgage: $2,312
Monthly rent: $1,417
Price difference: $895

Washington, DC
Danita Delimont | Getty Images

Massachusetts

Monthly payment with a mortgage: $2,048
Monthly rent: $1,164
Price difference: $884

Boston, Massachusetts
Mare Magnum | Getty Images

New York

Monthly payment with a mortgage: $2,009
Monthly rent: $1,173
Price difference: $836

New York, New York
Jean-Pierre Lescourret | Lonely Planet | Getty Images

California

Monthly payment with a mortgage: $2,123
Monthly rent: $1,311
Price difference: $812

San Francisco, California
Gavin Hellier | Getty Images

New Hampshire

Monthly payment with a mortgage: $1,828
Monthly rent: $1,017
Price difference: $811

Portsmouth, New Hampshire
Loop Images | UIG | Getty Images

Rhode Island

Monthly payment with a mortgage: $1,730
Monthly rent: $938
Price difference: $792

Providence, Rhode Island
Jeff Greenberg | UIG | Getty Images

Hawaii

Monthly payment with a mortgage: $2,248
Monthly rent: $1,500
Price difference: $748

Oahu, Hawaii
Getty Images

Alaska

Monthly payment with a mortgage: $1,817
Monthly rent: $1,163
Price difference: $654

Anchorage, Alaska
David Ryder | Bloomberg | Getty Images

Illinois

Monthly payment with a mortgage: $1,588
Monthly rent: $936
Price difference: $652

Chicago, Illinois
George Rose | Getty Images

Maryland

Monthly payment with a mortgage: $1,909
Monthly rent: $1,278
Price difference: $631

Downtown Baltimore, Maryland
Greg Pease | Getty Images

Washington

Monthly payment with a mortgage: $1,704
Monthly rent: $1,080
Price difference: $624

Belltown, Seattle neighborhood
Richard Cummins | Getty Images

Vermont

Monthly payment with a mortgage: $1,530
Monthly rent: $923
Price difference: $607

Vermont was one of the first to get the ball rolling last year with its Remote Worker Grant Program, offering individuals up to $10,000 over two years to move to the Green Mountain State.
Glenn Van Der Knijff | Getty Images

Oregon

Monthly payment with a mortgage: $1,534
Monthly rent: $943
Price difference: $591

Beaverton, Oregon
Source: Town of Beaverton

Minnesota

Monthly payment with a mortgage: $1,459
Monthly rent: $888
Price difference: $571

An early morning jog around Lake Calhoun, Minneapolis/St. Paul Minnesota.
John Elk | Getty Images

Wisconsin

Monthly payment with a mortgage: $1,359
Monthly rent: $792
Price difference: $567

Madison, Wisconsin
Greater Madison Convention & Visitors Bureau

Montana

Monthly payment with a mortgage: $1,316
Monthly rent: $763
Price difference: $553

Helena, Montana
John Elk | Getty Images

South Dakota

Monthly payment with a mortgage: $1,225
Monthly rent: $675
Price difference: $550

South Dakota Capitol Building in Pierre
Richard Cummins | Getty Images

Wyoming

Monthly payment with a mortgage: $1,364
Monthly rent: $815
Price difference: $549

In Teton County, home to the famed Jackson Hole ski resort in Wyoming, the average income of a member of the top 1% tops $28 million.
WitGorski | Getty Images

Virginia

Monthly payment with a mortgage: $1,692
Monthly rent: $1,144
Price difference: $548

Richmond, Virginia.
Jeff Auth | Getty Images

Maine

Monthly payment with a mortgage: $1,340
Monthly rent: $792
Price difference: $548

Portland, Maine
Denis Jr. Tangney | E+ | Getty Images

Pennsylvania

Monthly payment with a mortgage: $1,414
Monthly rent: $868
Price difference: $546

Philadelphia, Pennsylvania
Getty Images

North Dakota

Monthly payment with a mortgage: $1,297
Monthly rent: $775
Price difference: $522

Fargo, North Dakota
Richard Cummins | Getty Images

Texas

Monthly payment with a mortgage: $1,453
Monthly rent: $932
Price difference: $521

Kayaking in Austin, Texas.
David Kozlowski | Getty Images

Nebraska

Monthly payment with a mortgage: $1,269
Monthly rent: $750
Price difference: $519

Lincoln, Nebraska
Lonely Planet

Kansas

Monthly payment with a mortgage: $1,279
Monthly rent: $782
Price difference: $497

Wichita, Kansas
Davel5957 | Getty Images

Utah

Monthly payment with a mortgage: $1,408
Monthly rent: $925
Price difference: $483

A scene showing 25th Street in Ogden, Utah.
Mandicoleman.com | Getty Images

Ohio

Monthly payment with a mortgage: $1,228
Monthly rent: $746
Price difference: $482

Columbus, Ohio
LarryKnupp | Getty Images

Delaware

Monthly payment with a mortgage: $1,506
Monthly rent: $1,049
Price difference: $457

Wilmington, Delaware
Walter Bibikow | Getty Images

Iowa

Monthly payment with a mortgage: $1,170
Monthly rent: $718
Price difference: $452

West Des Moines, Iowa
Source: Ryan Donnell | MONEY

Colorado

Monthly payment with a mortgage: $1,558
Monthly rent: $1,111
Price difference: $447

John Greim | LightRocket | Getty Images

Missouri

Monthly payment with a mortgage: $1,200
Monthly rent: $763
Price difference: $437

St. Louis, Missouri
Joe Sohm | Visions of America | Photodisc | Getty Images

New Mexico

Monthly payment with a mortgage: $1,214
Monthly rent: $783
Price difference: $431

Albuquerque, New Mexico
Richard Cummins | Lonely Planet Images | Getty Images

Louisiana

Monthly payment with a mortgage: $1,219
Monthly rent: $800
Price difference: $419

Shreveport, Louisiana
McFarlandPhoto | Getty Images

Michigan

Monthly payment with a mortgage: $1,220
Monthly rent: $803
Price difference: $417

Detroit, Michigan
Joshua Lott | AFP | Getty Images

Nevada

Monthly payment with a mortgage: $1,396
Monthly rent: $980
Price difference: $416

Las Vegas, Nevada
George Rose | Getty Images

North Carolina

Monthly payment with a mortgage: $1,234
Monthly rent: $827
Price difference: $407

Charlotte, North Carolina
Skyhobo | Getty Images

Idaho

Monthly payment with a mortgage: $1,170
Monthly rent: $770
Price difference: $400

Boise, Idaho
Anna Gorin | Getty Images

Oklahoma

Monthly payment with a mortgage: $1,159
Monthly rent: $759
Price difference: $400

Tulsa, Oklahoma
Walter Bibikow | Getty Images

Alabama

Monthly payment with a mortgage: $1,124
Monthly rent: $729
Price difference: $395

Mobile, Alabama
Kathy Hicks | Getty Images

Georgia

Monthly payment with a mortgage: $1,299
Monthly rent: $909
Price difference: $390

Atlanta reflected in the lake of Piedmont Park.
Giorgio Fochesato | Getty Images

Kentucky

Monthly payment with a mortgage: $1,089
Monthly rent: $702
Price difference: $387

Louisville, Kentucky
Raymond Boyd | Getty Images

Arizona

Monthly payment with a mortgage: $1,319
Monthly rent: $933
Price difference: $386

Tucson, Arizona
Getty Images

Tennessee

Monthly payment with a mortgage: $1,167
Monthly rent: $785
Price difference: $382

People in Market Square on market day in Knoxville, Tennessee.
Csfotoimages | Getty Images

Mississippi

Monthly payment with a mortgage: $1,083
Monthly rent: $724
Price difference: $359

Madison is part of the Jackson metro area in Mississippi
Dosfotos | Design Pics | Getty Images

South Carolina

Monthly payment with a mortgage: $1,168
Monthly rent: $819
Price difference: $349

Charleston, South Carolina
Stephen Saks | Lonely Planet Images | Getty Images

Florida

Monthly payment with a mortgage: $1,394
Monthly rent: $1,046
Price difference: $348

Condo buildings line the beach in Sunny Isle, Florida.
Getty Images

Arkansas

Monthly payment with a mortgage: $1,029
Monthly rent: $695
Price difference: $334

Hot Springs, Arkansas
Ionas Kaltenbach | Lonely Planet Images | Getty Images

Indiana

Monthly payment with a mortgage: $1,089
Monthly rent: $758
Price difference: $331

Downtown Indianapolis
Education Images | UIG | Getty Images

West Virginia

Monthly payment with a mortgage: $972
Monthly rent: $675
Price difference: $297

West Virginia Capital Building.
Jodi Jacobson | E+ | Getty Images
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