The cost of home ownership and renting has drawn closer in almost every state, according to the latest rolling estimates from the U.S. Census Bureau.
The Census Bureau’s 2014 five-year Annual Community Survey data released Thursday includes responses from around 3.5 million people per year from 2009 through 2014. We’ll be doing a deeper dive into the new data so check back soon.
The cost of owning a home decreased in 45 out of 50 states and Washington D.C, while rent increased in every state except Nevada, compared to the 2013 survey results.
In Connecticut, the monthly cost of home ownership dropped $22 from $1,746 to $1,724. During the same time, median gross rent increased $13 from $1,056 to $1,069.
Changes in rent and home ownership costs
Generally, the higher the median monthly cost to own a home, the higher the percentage of those who prefer to rent.
Washington, D.C., in particular stood out compared to the rest of the country. More than half of residents rented their homes. The median monthly cost for owning a home was almost $2,000.
Meanwhile, Connecticut’s median cost for owning a home was also high at more than $1,700 a month. However, the percentage of renters was only about 33 percent.