Rent or Buy Your Home…Which is Better?

Rent or buy? Gosh, isn’t that the $64 Million Dollar question? And as many things go in real estate, the answer depends on your circumstances.

Keys to Success When Buying a Home

Smart Tips for Buying Your Home

Let’s start with the current state of rentals here in Phoenix.

In the ARMLS rental database the overall average lease rate for active listings is $1,820 per month and the average sq. ft. is 1,932. For apartments, the average rent is $1,568 with an average sq. ft. of 1,102 giving us an average rent of $1.42 per sq. ft. A year ago the rate was $1.22 per sq. ft., so the rise in asking price is 16.6% in just 12 months. The number of active apartment rental listings has declined 10% from 643 to 578 since last year.

In  nutshell, rents are rising and there are fewer homes to rent. And by the way, who wants to live in an apartment? Seriously. So let’s just focus on the houses.

If you are paying $1820 a month to rent a house, you might be thinking that you could be spending that money on a mortgage payment instead. For a low down payment, FHA-type loan, that gets you about $265,000 in house spending dollars. That gets you into a pretty nice house! But is it still better to buy or rent?

Reality time…

Check out this great rent-vs-buy calculator that the NY Times put together. It factors in all the costs of both buying and renting, and analyzes the pay-off for each. Given the scenario above, spending $1800 in rent vs $1800 in mortgage (plus taxes and insurance), if you are staying put for at least 2 years, buying will probably be the better choice, financially speaking. If  you are spending $1500 in rent, but could buy an equivalent house for $225,000, in two years, you will be ahead if you buy instead of renting.

Given the current climate in Phoenix right now, if you stay at least 2-3 years at the same address, you will most often  spend less if you buy a home rather than renting an equivalent home.

Of course, there’s the matter of the down payment…for an FHA loan, you must put down at least 3.5% of the purchase price for your down payment. Add to that closing costs, and you are looking at about $13,500 in cash. Yikes!

But start thinking you will never live long enough to make this dream a reality. It is possible to negotiate with the seller to add the closing costs to the purchase price, effectively financing those closing costs. AND you might be eligible for on of the down payment assistance programs that could cover the down payment. With $1000-2000 in your pocket, you could cover the remaining costs. Now that’s a pretty sweet deal!

Check out homes in the East Valley – Mesa, Tempe, Chandler and Gilbert – that might make great alternatives to renting…

Displaying 1 - 50 of 137 results.
Sort by:
Show Map

333 N 85th Place, Mesa 85207, Knolland Estates

  • $225,000
  • Bedrooms: 2, Baths: 1.75
  • Home size: 1,100
  • Lot size: 9,514
  • Year built: 1972
  • MLS #: 5969707
ARMLS Logo

5416 E Des Moines Street, Mesa 85205, Dreamland Villa 7

  • $249,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,366
  • Lot size: 7,050
  • Year built: 1966
  • MLS #: 5969369
ARMLS Logo

730 S Edgewater Drive, Mesa 85208, Apache Country Club Ests 1

  • $225,000
  • Bedrooms: 2, Baths: 1.75
  • Home size: 1,158
  • Lot size: 7,941
  • Year built: 1961
  • MLS #: 5950902
ARMLS Logo

8645 E Pueblo Avenue, Mesa 85208, Whetten Manor Blk 4 /Lots 5-22/

  • $245,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,502
  • Lot size: 8,525
  • Year built: 1981
  • MLS #: 5969177
ARMLS Logo

743 N 55th Place, Mesa 85205, Dreamland Villa 7

  • $239,900
  • Bedrooms: 2, Baths: 2
  • Home size: 1,850
  • Lot size: 8,359
  • Year built: 1965
  • MLS #: 5969277
ARMLS Logo

1533 E Commerce Avenue, Gilbert 85234, Stonecreek Lot 1-231 TR A-S

  • $249,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,356
  • Lot size: 4,221
  • Year built: 1987
  • MLS #: 5969165
ARMLS Logo

658 S Horne --, Mesa 85204, N/A

  • $233,900
  • Bedrooms: 4, Baths: 2
  • Home size: 1,542
  • Lot size: 10,019
  • Year built: 1972
  • MLS #: 5916881
ARMLS Logo

10326 E Wood Avenue, Mesa 85208, Desert Village 2 LT 63-76, 89-102, 115-128

  • $235,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,307
  • Lot size: 17,141
  • Year built: 1973
  • MLS #: 5954161
ARMLS Logo

9526 E Dallas Street, Mesa 85207, Desert Saguaro Estates

  • $242,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,219
  • Lot size: 8,716
  • Year built: 1976
  • MLS #: 5968104
ARMLS Logo

5827 E Dodge Street, Mesa 85205, Dreamland Villa 10

  • $195,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,064
  • Lot size: 7,498
  • Year built: 1969
  • MLS #: 5969571
ARMLS Logo

176 S Aspen Drive, Chandler 85226, Crestview Unit 3 Lot 84-184 TR A

  • $229,900
  • Bedrooms: 2, Baths: 1
  • Home size: 867
  • Lot size: 8,150
  • Year built: 1983
  • MLS #: 5968890
ARMLS Logo

2201 E Holmes Avenue, Mesa 85204, Knoell Mesa Unit 2

  • $235,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,343
  • Lot size: 8,085
  • Year built: 1980
  • MLS #: 5941405
ARMLS Logo

701 E Flint Street, Chandler 85225, Dillin Add Amd

  • $235,000
  • Bedrooms: 3, Baths: 1
  • Home size: 1,412
  • Lot size: 9,736
  • Year built: 1951
  • MLS #: 5961667
ARMLS Logo

43 N Barkley --, Mesa 85203, Sherwood Mesa

  • $230,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,441
  • Lot size: 6,651
  • Year built: 1961
  • MLS #: 5963701
ARMLS Logo

360 N Sycamore --, Mesa 85201, Evans Park

  • $240,000
  • Bedrooms: 3, Baths: 1.75
  • Home size: 1,080
  • Lot size: 6,347
  • Year built: 1961
  • MLS #: 5965907
ARMLS Logo

1855 E Edgewood Avenue, Mesa 85204, Mesa Tierra

  • $199,900
  • Bedrooms: 3, Baths: 1
  • Home size: 1,097
  • Lot size: 6,377
  • Year built: 1972
  • MLS #: 5968984
ARMLS Logo

1427 E 8th Avenue, Mesa 85204, Mcafee Place Unit 2 Amd

  • $250,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,573
  • Lot size: 7,867
  • Year built: 1976
  • MLS #: 5969366
ARMLS Logo

1108 E Broadway Road, Mesa 85204, New High Subdivision

  • $241,988
  • Bedrooms: 3, Baths: 2
  • Home size: 1,568
  • Lot size: 8,881
  • Year built: 1949
  • MLS #: 5956394
ARMLS Logo

5107 E Emerald Avenue, Mesa 85206, Sunland Village 4

  • $196,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,540
  • Lot size: 6,703
  • Year built: 1978
  • MLS #: 5953087
ARMLS Logo

345 E 9th Drive, Mesa 85210, Esquire Terrace 2

  • $245,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,526
  • Lot size: 6,425
  • Year built: 1960
  • MLS #: 5968666
ARMLS Logo

6942 E Exmoor Drive, Mesa 85208, Apache Country Club Ests 1

  • $249,888
  • Bedrooms: 3, Baths: 3
  • Home size: 1,690
  • Lot size: 6,996
  • Year built: 1961
  • MLS #: 5889533
ARMLS Logo

1075 W Sandy Banks --, Gilbert 85233, Seawynds Lot 1-152 TR A C D E1-E11 F1 F2

  • $239,900
  • Bedrooms: 3, Baths: 2.5
  • Home size: 1,346
  • Lot size: 1,616
  • Year built: 1994
  • MLS #: 5967608
ARMLS Logo

1461 E Flossmoor Avenue, Mesa 85204, Mcafee Place Unit NO 1

  • $225,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,140
  • Lot size: 7,955
  • Year built: 1974
  • MLS #: 5969153
ARMLS Logo

5527 E Colby Street, Mesa 85205, Dreamland Villa 5

  • $189,900
  • Bedrooms: 2, Baths: 1.75
  • Home size: 1,156
  • Lot size: 8,286
  • Year built: 1963
  • MLS #: 5968743
ARMLS Logo

5626 E Des Moines Street, Mesa 85205, Dreamland Villa

  • $194,900
  • Bedrooms: 2, Baths: 1.75
  • Home size: 1,332
  • Lot size: 6,952
  • Year built: 1970
  • MLS #: 5964689
ARMLS Logo

447 W Mahoney Avenue, Mesa 85210, Vineyard Place Amd

  • $199,900
  • Bedrooms: 2, Baths: 1
  • Home size: 1,248
  • Lot size: 7,563
  • Year built: 1940
  • MLS #: 5967749
ARMLS Logo

572 Leisure World --, Mesa 85206, Leisure World Golden Hills Plat 7 Amd

  • $236,000
  • Bedrooms: 2, Baths: 2
  • Home size: 2,022
  • Lot size: 7,714
  • Year built: 1978
  • MLS #: 5968532
ARMLS Logo

4563 E Farmdale Circle, Mesa 85206, Sunland Village 7 Lot 1-182, 187-497 & TR A-L

  • $245,000
  • Bedrooms: 2, Baths: 2.25
  • Home size: 1,942
  • Lot size: 7,368
  • Year built: 1982
  • MLS #: 5964672
ARMLS Logo

6530 E Arbor Avenue, Mesa 85206, Desert Wells Amd

  • $250,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,279
  • Lot size: 9,646
  • Year built: 1955
  • MLS #: 5829802
ARMLS Logo

843 N Cheri Lynn Drive, Chandler 85225, Thunderbird Park Plat 2

  • $250,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,499
  • Lot size: 7,484
  • Year built: 1961
  • MLS #: 5963068
ARMLS Logo

780 E 1st Street, Mesa 85203, Mesa Villa Sub Plat 2

  • $249,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,774
  • Lot size: 7,753
  • Year built: 1948
  • MLS #: 5966299
ARMLS Logo

1530 E County Down Drive, Chandler 85249, Sunbird 7 Lot 1-166 & TR A-I

  • $229,500
  • Bedrooms: 1, Baths: 1.75
  • Home size: 1,009
  • Lot size: 5,523
  • Year built: 1993
  • MLS #: 5937179
ARMLS Logo

217 N Morris --, Mesa 85201, Pomeroy Place

  • $212,000
  • Bedrooms: 2, Baths: 1
  • Home size: 754
  • Lot size: 7,158
  • Year built: 1942
  • MLS #: 5956068
ARMLS Logo

5219 E Des Moines Street, Mesa 85205, Dreamland Villa

  • $225,000
  • Bedrooms: 2, Baths: 1.75
  • Home size: 1,365
  • Lot size: 7,528
  • Year built: 1969
  • MLS #: 5967891
ARMLS Logo

2221 E Alpine Avenue, Mesa 85204, Casa de Sol

  • $224,900
  • Bedrooms: 3, Baths: 1
  • Home size: 947
  • Lot size: 6,002
  • Year built: 1961
  • MLS #: 5961769
ARMLS Logo

7138 E Arcadia Circle, Mesa 85208, Lot 6 Esquire Villa Lots 68-144 Mcr 008440

  • $216,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,230
  • Lot size: 6,273
  • Year built: 1969
  • MLS #: 5964179
ARMLS Logo

1904 N Lebaron Street, Mesa 85201, Mesa Country Club Park

  • $229,000
  • Bedrooms: 4, Baths: 1.5
  • Home size: 1,406
  • Lot size: 8,747
  • Year built: 1971
  • MLS #: 5965069
ARMLS Logo

2062 E Balsam Avenue, Mesa 85204, Casa DE Sol

  • $215,000
  • Bedrooms: 2, Baths: 1.5
  • Home size: 1,180
  • Lot size: 6,683
  • Year built: 1961
  • MLS #: 5923484
ARMLS Logo

6335 E Brown Road, Mesa 85205, Brookfield West 1 Unit 2 Amd

  • $229,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,205
  • Lot size: 4,102
  • Year built: 1992
  • MLS #: 5967021
ARMLS Logo

8038 E Impala Avenue, Mesa 85209, Casa Mia

  • $237,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,300
  • Lot size: 8,032
  • Year built: 1975
  • MLS #: 5955707
ARMLS Logo

6726 E Arbor Avenue, Mesa 85206, Desert Wells Amd

  • $209,990
  • Bedrooms: 3, Baths: 2
  • Home size: 1,200
  • Lot size: 9,621
  • Year built: 1955
  • MLS #: 5963023
ARMLS Logo

3950 W Chicago Street, Chandler 85226, Hearthstone Unit 1 LT 1-198 TR A-D

  • $250,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,101
  • Lot size: 4,922
  • Year built: 1984
  • MLS #: 5964899
ARMLS Logo

204 S Valle Verde --, Mesa 85208, Signal Butte Ranch Unit 1

  • $244,999
  • Bedrooms: 3, Baths: 2
  • Home size: 1,190
  • Lot size: 5,510
  • Year built: 1998
  • MLS #: 5956583
ARMLS Logo

752 S Macdonald Street, Mesa 85210, Annex TO Stewart Add TO Mesa

  • $165,000
  • Bedrooms: 2, Baths: 1
  • Home size: 808
  • Lot size: 4,838
  • Year built: 1945
  • MLS #: 5967257
ARMLS Logo

5415 E Decatur Street, Mesa 85205, Dreamland Villa 7

  • $245,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,538
  • Lot size: 7,300
  • Year built: 1966
  • MLS #: 5950998
ARMLS Logo

3755 E Broadway Road, Mesa 85206, Val Vista Villas Amd Lot 1-111 TR A-D

  • $245,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,692
  • Lot size: 4,072
  • Year built: 1991
  • MLS #: 5964662
ARMLS Logo

6531 S Lake Forest Drive, Chandler 85249, Sunbird 6 Lot 1-112 & TR A-K

  • $198,000
  • Bedrooms: 1, Baths: 2
  • Home size: 974
  • Lot size: 3,106
  • Year built: 1992
  • MLS #: 5933411
ARMLS Logo

1953 E Marilyn Avenue, Mesa 85204, Kachina Parkway 2

  • $220,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,284
  • Lot size: 7,327
  • Year built: 1961
  • MLS #: 5956694
ARMLS Logo

428 S Roanoke --, Mesa 85206, Sunland Village 2

  • $224,900
  • Bedrooms: 2, Baths: 1.75
  • Home size: 1,296
  • Lot size: 6,524
  • Year built: 1976
  • MLS #: 5958301
ARMLS Logo

449 E San Tan Street, Chandler 85225, San Tan Vista

  • $230,000
  • Bedrooms: 2, Baths: 2
  • Home size: 988
  • Lot size: 6,011
  • Year built: 1969
  • MLS #: 5937555
ARMLS Logo
Copyright 2019 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

All information should be verified by the recipient and none is guaranteed as accurate by ARMLS.

IDX Solution Provided by iFoundAgent.com

ARMLS Listing Data last updated 8/24/2019 11:35 PM MST.

Kristin LaVanway
480-282-7464
kristin@hereinphoenix.com