To help Americans better understand if renting or owning a home is a more affordable option, personal finance website GOBankingRates.com has released a guide detailing how monthly rent compares to monthly mortgage payments across the U.S.

The investigation found that it's cheaper to own a home than it is to rent one in 42 states. Renting is more affordable in only eight states and the District of Columbia.

"The good news is mortgage rates are near historic lows," said Kristen Bonner, lead researcher on the study. "Unfortunately, Americans are still running into road blocks with being able to save enough money to afford a down payment and are therefore forced to rent."

The study compared median rent prices for single-family homes against the median list price of homes in each state. GoBankingRates.com assumed a 20 percent down payment for the median list price and applied a 30-year fixed-rate loan term. It also included the cost of property taxes and insurance.

Where renting is cheaper than owning

Prices illustrate the monthly amount saved by renting.

-Hawaii: $515

-Montana: $248

-Utah: $242

-Idaho: $204

-District of Columbia: $144

-Colorado: $137

-Wyoming: $99

-Delaware: $75

-Oregon: $12

Top 10 places where owning is cheaper than renting

Prices illustrate the monthly amount saved by owning.

New York: $1,635

Massachusetts: $559

Illinois: $522

New Jersey: $472

Pennsylvania: $461

Florida: $398

Maine: $396

Ohio: $375

Alaska: $334

Rhode Island: $334

Stand-out findings

-         The monthly rent of a single family home in New York is $3,295 a month – almost double the monthly cost of owning.  – It's only $27 more a month to rent a home that it is to own a home in Arizona, and $67 more a month in South Dakota. – If you are interested in owning property in Hawaii, expect to pay $515 more a month