Dated: 11/15/2017

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In Florida, $530 is the average monthly mortgage payment, while $1,254 is the average monthly rent. The average home price is Florida is $202,246, compared with $210,535 in Orlando.

The ranking is based on the total cost of buying and renting a typical home for a household earning $100,000 a year with a mortgage rate of 4.5 percent, closing costs of $2,000, and a down payment of 20 percent.

Washington was the only state where SmartAsset found renting was a better option than buying.

Many renters don’t plan to buy because they believe renting is the cheaper option, The Wall Street Journal reported. A survey from Freddie Mac found that 76 percent of renters feel renting is more affordable than owning a home, up from 65 percent in 2016, per The Wall Street Journal.

The cost of owning a home includes often-overlooked charges for property taxes, maintenance, and homeowners and private mortgage insurance, CNN Money reported. For renters, landlords sometimes pick up the tab for those expenses, saving them more money than homeowners, per CNN Money.

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