For those who are moving to a new area, an age-old question of whether to rent a house/apartment or buy one always comes up. As a general rule, renting is seen as the more affordable option in the short term but without the investment and long-term value that buying a house gives you. Some recent analysis, however, has shown that this may not actually be the case. Paying a Mortgage is Cheaper than Renting in 42 States According to a chart put out by GoBankingRates.com , the payment on a monthly mortgage for a home is actually cheaper than renting the same home in 42 out of 50 states, including our own state of California. In California, paying a mortgage on a home is actually $179 per month less expensive than renting, on average, and in some states such as New York, that difference can be as high as $1,635 per month. The reason that buying a home is now more affordable than renting is thanks largely in part to historically low mortgage interest rates. Currently, mortgage rates on a ...