Rent vs. Buy: The best option in America's 10 most populous states

You can find the cheapest houses in Winterville, King, Marion, and Sawmills. With prices hovering around $100,000, it’s more cost-effective to buy and build your home equity in these areas than paying an annual rent of $50,000 to $70,000.

For instance, you can reach your break-even point after owning a house in Caldwell County for just 19 months. That’s almost a year faster than the average in North Carolina.

10. Michigan

• Population: 9,986,857
• People per square mile: 177
• Average rent: $1,135
• Monthly home payment: $1,279

With a median home value of $205,000, Michigan is one of the most affordable states to buy a new home. It’s also the seventh state with the lowest cost of living, according to WPR.

Average rent is again marginally cheaper by $142 per month, but ownership will likely be cheaper than renting after just two years in Michigan.

Moreover, home prices in major cities are also lower than the state average, so you can live closer to your workplace. In particular, the median house price is $123,400 in Lansing and just $51,100 in Detroit.