Renting vs. buying a home in Nevada:
Monthly rent in Nevada: $1,275
Monthly mortgage in Nevada: $1,196
The median rent in Nevada has risen 6.25 percent from $1,200 in May 2015 to $1,275 in May 2016, according to Zillow data. In fact, Reno is among the top 10 U.S. cities with the fastest-growing rents, up 6.5 percent since June 2015, according to the July 2016 National Apartment List Rent Report. Rising rents in the state make renting a more expensive option than buying a home.
Renting vs. buying a home in California:
Monthly rent in California: $2,400
Monthly mortgage in California: $2,221
Three of the top five most expensive rental markets in the U.S. are in California: San Francisco, Oakland and San Jose, according to the Zumper National Rent Report. And another three cities in the state, including Los Angeles and San Diego, are among the top 25 highest-priced rental markets.
Living with a roommate in California’s pricey rental markets can be a way to keep costs down — especially in cities like San Francisco and Los Angeles where it’s a growing trend, said Gudell of Zillow.