This map shows how much more expensive it is to own a home than to rent in every US state

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.

Millions of Americans, especially young people, are currently locked out of homeownership. In addition to having to save up a substantial down payment, prospective home-buyers need to be prepared to pay closing costs, inspection fees and other expenses.

The silver lining to being a renter, then, is that you're probably saving money.

That said, although buying your own place is more expensive than renting on a monthly basis, owning is an investment that can pay off in the long run. Depending on where you live, your house's value can increase significantly over time, which could lead to a nice payout whenever you choose to sell.

For those who plan to stay in the same place long-term, owning gives you a stable living situation. And, once the mortgage is paid off, you've eliminated a major monthly expense and you can put that money toward other financial goals.

The difference between the median monthly cost for renters and those with a mortgage in every U.S. state, using data from the U.S. Census Bureau's American Community Survey — click to enlarge

Below, check out the full data on how much more it costs to own than to rent in each state.

Median monthly cost for homeowners with a mortgage: $1,149
Median rent cost: $747

Difference between owning and renting: $402

Median monthly cost for homeowners with a mortgage: $1,862
Median rent cost: $1,200

Difference between owning and renting: $662

Median monthly cost for homeowners with a mortgage: $1,354
Median rent cost: $972

Difference between owning and renting: $382

Median monthly cost for homeowners with a mortgage: $1,039
Median rent cost: $709

Difference between owning and renting: $330

Median monthly cost for homeowners with a mortgage: $2,206
Median rent cost: $1,358

Difference between owning and renting: $848

Median monthly cost for homeowners with a mortgage: $1,623
Median rent cost: $1,125

Difference between owning and renting: $498

Median monthly cost for homeowners with a mortgage: $2,065
Median rent cost: $1,123

Difference between owning and renting: $942

Median monthly cost for homeowners with a mortgage: $1,533
Median rent cost: $1,076

Difference between owning and renting: $457

Median monthly cost for homeowners with a mortgage: $1,432
Median rent cost: $1,077

Difference between owning and renting: $355

Median monthly cost for homeowners with a mortgage: $1,351
Median rent cost: $927

Difference between owning and renting: $424

Median monthly cost for homeowners with a mortgage: $2,303
Median rent cost: $1,507

Difference between owning and renting: $796

Median monthly cost for homeowners with a mortgage: $1,195
Median rent cost: $792

Difference between owning and renting: $403

Median monthly cost for homeowners with a mortgage: $1,633
Median rent cost: $952

Difference between owning and renting: $681

Median monthly cost for homeowners with a mortgage: $1,109
Median rent cost: $782

Difference between owning and renting: $327

Median monthly cost for homeowners with a mortgage: $1,202
Median rent cost: $740

Difference between owning and renting: $462

Median monthly cost for homeowners with a mortgage: $1,310
Median rent cost: $801

Difference between owning and renting: $509

Median monthly cost for homeowners with a mortgage: $1,131
Median rent cost: $713

Difference between owning and renting: $418

Median monthly cost for homeowners with a mortgage: $1,234
Median rent cost: $825

Difference between owning and renting: $409

Median monthly cost for homeowners with a mortgage: $1,357
Median rent cost: $808

Difference between owning and renting: $549

Median monthly cost for homeowners with a mortgage: $1,954
Median rent cost: $1,311

Difference between owning and renting: $643

Median monthly cost for homeowners with a mortgage: $2,102
Median rent cost: $1,173

Difference between owning and renting: $929

Median monthly cost for homeowners with a mortgage: $1,251
Median rent cost: $824

Difference between owning and renting: $427

Median monthly cost for homeowners with a mortgage: $1,506
Median rent cost: $906

Difference between owning and renting: $600

Median monthly cost for homeowners with a mortgage: $1,105
Median rent cost: $740

Difference between owning and renting: $365

Median monthly cost for homeowners with a mortgage: $1,225
Median rent cost: $784

Difference between owning and renting: $441

Median monthly cost for homeowners with a mortgage: $1,344
Median rent cost: $751

Difference between owning and renting: $593

Median monthly cost for homeowners with a mortgage: $1,315
Median rent cost: $773

Difference between owning and renting: $542

Median monthly cost for homeowners with a mortgage: $1,422
Median rent cost: $1,017

Difference between owning and renting: $405

Median monthly cost for homeowners with a mortgage: $1,878
Median rent cost: $1,052

Difference between owning and renting: $826

Median monthly cost for homeowners with a mortgage: $2,398
Median rent cost: $1,249

Difference between owning and renting: $1149

Median monthly cost for homeowners with a mortgage: $1,244
Median rent cost: $809

Difference between owning and renting: $435

Median monthly cost for homeowners with a mortgage: $2,064
Median rent cost: $1,194

Difference between owning and renting: $870

Median monthly cost for homeowners with a mortgage: $1,261
Median rent cost: $844

Difference between owning and renting: $417

Median monthly cost for homeowners with a mortgage: $1,326
Median rent cost: $775

Difference between owning and renting: $551

Median monthly cost for homeowners with a mortgage: $1,247
Median rent cost: $764

Difference between owning and renting: $483

Median monthly cost for homeowners with a mortgage: $1,181
Median rent cost: $766

Difference between owning and renting: $415

Median monthly cost for homeowners with a mortgage: $1,594
Median rent cost: $988

Difference between owning and renting: $606

Median monthly cost for homeowners with a mortgage: $1,446
Median rent cost: $885

Difference between owning and renting: $561

Median monthly cost for homeowners with a mortgage: $1,803
Median rent cost: $957

Difference between owning and renting: $846

Median monthly cost for homeowners with a mortgage: $1,202
Median rent cost: $836

Difference between owning and renting: $366

Median monthly cost for homeowners with a mortgage: $1,255
Median rent cost: $696

Difference between owning and renting: $559

Median monthly cost for homeowners with a mortgage: $1,196
Median rent cost: $808

Difference between owning and renting: $388

Median monthly cost for homeowners with a mortgage: $1,484
Median rent cost: $952

Difference between owning and renting: $532

Median monthly cost for homeowners with a mortgage: $1,455
Median rent cost: $948

Difference between owning and renting: $507

Median monthly cost for homeowners with a mortgage: $1,563
Median rent cost: $945

Difference between owning and renting: $618

Median monthly cost for homeowners with a mortgage: $1,728
Median rent cost: $1,166

Difference between owning and renting: $562

Median monthly cost for homeowners with a mortgage: $1,763
Median rent cost: $1,120

Difference between owning and renting: $643

Median monthly cost for homeowners with a mortgage: $997
Median rent cost: $681

Difference between owning and renting: $316

Median monthly cost for homeowners with a mortgage: $1,399
Median rent cost: $813

Difference between owning and renting: $586

Median monthly cost for homeowners with a mortgage: $1,389
Median rent cost: $828

Difference between owning and renting: $561

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