To Buy or To Rent – That is The Question!

A new study just released by Trulia measures the cost of renting versus buying a home in 50 of America’s largest cities (including Phoenix, AZ and Mesa, AZ).    Buying versus renting proved to be more affordable in 75% of the nations largest metro areas.

Phoenix, AZ and Mesa, AZ are in the top 10 cities in America in terms of home affordability (buying a home).  For more, check out this link to the complete Trulia survey TRULIA_RENT_VS_OWN_STUDY.

The Trulia Rent Vs. Own study also produced some very eye-opening data related to home affordability and rent price trends during 2011.  Click here –  TRENDS – to learn more.  The Arizona Real Estate market currently indicates that buying a home is cheaper/more affordable than renting a home when you compare a monthly mortgage payment with a monthly rent payment on a similar property. 

Why?   Historically low-interest rates coupled with rock bottom home prices add up to lower monthly mortgage payments.  Supply and demand also play a role.  Right now, there are more renters competing for rental property than in years past and as a result rents have increased in certain markets nationwide.

Please call me for a more detailed comparison of rent vs. buy options and scenarios.   You may be surprised!  Purchasing a home is not as expensive and as difficult as you might think (for qualified buyers).

Jeremy

http://www.JeremyHouse.com

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Jeremy is the Founder of The HOUSE Team and a Sr. Loan Officer/Branch Manager with PrimeLending. Over the past several years he has ranked in the top 1% of all loan officers nationwide and one of the top 200 loan officers in America. In the mortgage industry, the devil is in the details. Jeremy prides himself on being a student and an expert when it comes to everything mortgage related.

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