Buy or Rent? That is The Question

A 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 the complete Trulia survey.

The Trulia Rent Vs. Own study also produced some very eye-opening data related to home affordability and rent price trends during 2011 – 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.

Purchasing a home is not as expensive and as difficult as you might think (for qualified buyers).

By Jeremy House

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