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…

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36 E Hampton Avenue, Mesa 85210, King Estates Amd

  • $210,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,180
  • Lot size: 6,596
  • Year built: 1975
  • MLS #: 5979180
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1625 S Laramie --, Mesa 85209, Crismon Creek Village

  • $249,999
  • Bedrooms: 3, Baths: 3
  • Home size: 1,821
  • Lot size: 3,096
  • Year built: 2005
  • MLS #: 5978394
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11307 E Quintana Avenue, Mesa 85212, Mountain Ranch Unit 1

  • $249,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,756
  • Lot size: 5,587
  • Year built: 2002
  • MLS #: 5975825
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818 E 10th Drive, Mesa 85204, Holmes Park 2

  • $225,000
  • Bedrooms: 3, Baths: 1
  • Home size: 1,806
  • Lot size: 6,390
  • Year built: 1972
  • MLS #: 5975120
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6530 E Arbor Avenue, Mesa 85206, Desert Wells Amd

  • $239,998
  • Bedrooms: 4, Baths: 2
  • Home size: 1,279
  • Lot size: 9,646
  • Year built: 1955
  • MLS #: 5829802
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425 N 104th Street, Mesa 85207, Crest View Park

  • $214,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,338
  • Lot size: 10,507
  • Year built: 1972
  • MLS #: 5978169
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5515 E Duncan Street, Mesa 85205, Dreamland Villa 7

  • $219,900
  • Bedrooms: 2, Baths: 2
  • Home size: 1,118
  • Lot size: 7,021
  • Year built: 1966
  • MLS #: 5977946
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10902 E Arcadia Avenue, Mesa 85208, Signal Butte Manor 2

  • $238,500
  • Bedrooms: 3, Baths: 2
  • Home size: 1,300
  • Lot size: 4,599
  • Year built: 2001
  • MLS #: 5979470
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2030 W Western Drive, Chandler 85224, Knoell East Unit 4 Lot 513-836 TR A-D

  • $249,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,106
  • Lot size: 9,444
  • Year built: 1979
  • MLS #: 5978048
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10854 E Carol Avenue, Mesa 85208, Signal Butte Manor

  • $230,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,302
  • Lot size: 4,400
  • Year built: 2000
  • MLS #: 5978326
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637 E Pepper Place, Mesa 85203, Sierra Vista Park

  • $247,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,375
  • Lot size: 7,360
  • Year built: 1952
  • MLS #: 5967289
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634 S Revolta Circle, Mesa 85208, Apache Country Club

  • $214,900
  • Bedrooms: 2, Baths: 1
  • Home size: 960
  • Lot size: 9,043
  • Year built: 1983
  • MLS #: 5950329
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6335 E Brown Road, Mesa 85205, Brookfield West 1 Unit 2

  • $249,900
  • Bedrooms: 4, Baths: 2
  • Home size: 1,439
  • Lot size: 4,833
  • Year built: 1988
  • MLS #: 5977750
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4451 E Escondido Avenue, Mesa 85206, Sunland Village

  • $185,000
  • Bedrooms: 2, Baths: 1.75
  • Home size: 1,340
  • Lot size: 6,653
  • Year built: 1983
  • MLS #: 5976777
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1505 W 5th Street, Mesa 85201, Garden Grove

  • $229,000
  • Bedrooms: 3, Baths: 1.75
  • Home size: 1,279
  • Lot size: 7,950
  • Year built: 1958
  • MLS #: 5977363
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8921 E Balsam Avenue, Mesa 85208, Broadway Manor

  • $239,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,342
  • Lot size: 8,041
  • Year built: 1998
  • MLS #: 5977566
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6215 E Albany Street, Mesa 85205, Velda Rose Estates East 4

  • $237,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,574
  • Lot size: 7,696
  • Year built: 1973
  • MLS #: 5959790
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1361 N Tamarisk Drive, Chandler 85224, Silvergate 3 Unit 1 Lot 1-222 TR A-L

  • $249,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,043
  • Lot size: 5,658
  • Year built: 1983
  • MLS #: 5978930
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4027 E Milky Way, Gilbert 85295, Willows

  • $250,000
  • Bedrooms: 2, Baths: 2.5
  • Home size: 1,347
  • Lot size: 2,904
  • Year built: 2008
  • MLS #: 5977102
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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
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1027 Leisure World --, Mesa 85206, Leisure World

  • $212,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,451
  • Lot size: 9,234
  • Year built: 1979
  • MLS #: 5957961
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4725 E Brown Road, Mesa 85205, Sundance Villas Lot 1-88 & TR A-D

  • $249,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,421
  • Lot size: 4,552
  • Year built: 1988
  • MLS #: 5977375
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713 W Nopal Place, Chandler 85225, Mastercraft East

  • $225,000
  • Bedrooms: 2, Baths: 1
  • Home size: 956
  • Lot size: 6,843
  • Year built: 1983
  • MLS #: 5970544
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6027 E Des Moines Street, Mesa 85205, Dreamland Villa 11

  • $181,000
  • Bedrooms: 2, Baths: 1.5
  • Home size: 1,255
  • Lot size: 7,496
  • Year built: 1969
  • MLS #: 5976739
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627 E 8th Avenue, Mesa 85204, East Milletts Green Acres

  • $249,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,340
  • Lot size: 8,712
  • Year built: 1959
  • MLS #: 5977455
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1144 S Chestnut --, Mesa 85204, Summer Place Phase 2 Amd Lot 93-309

  • $249,500
  • Bedrooms: 2, Baths: 2
  • Home size: 1,339
  • Lot size: 4,218
  • Year built: 1982
  • MLS #: 5951374
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263 E Jacaranda Street, Mesa 85201, Mesa Meadows

  • $239,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,194
  • Lot size: 6,996
  • Year built: 1976
  • MLS #: 5976074
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124 S Valle Verde --, Mesa 85208, Signal Butte Ranch Unit 1

  • $250,000
  • Bedrooms: 4, Baths: 2
  • Home size: 1,540
  • Lot size: 7,500
  • Year built: 1998
  • MLS #: 5975816
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849 S Sirrine --, Mesa 85210, Western Homesites Add 2

  • $209,900
  • Bedrooms: 4, Baths: 2
  • Home size: 1,245
  • Lot size: 6,978
  • Year built: 1959
  • MLS #: 5957081
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623 S Grand --, Mesa 85210, Annex TO Stewart Add TO Mesa

  • $239,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,608
  • Lot size: 6,720
  • Year built: 1940
  • MLS #: 5972892
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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
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2158 Leisure World --, Mesa 85206, Leisure World Plat 20 Amd

  • $240,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,416
  • Lot size: 6,859
  • Year built: 1990
  • MLS #: 5972415
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2022 E Lemon Street, Tempe 85281, Lee Park 121-142

  • $225,000
  • Bedrooms: 2, Baths: 1
  • Home size: 840
  • Lot size: 5,589
  • Year built: 1956
  • MLS #: 5868320
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710 S Doran --, Mesa 85204, Poinsettia Villa Lots

  • $235,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,603
  • Lot size: 6,843
  • Year built: 1959
  • MLS #: 5975785
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481 N Delaware Street, Chandler 85225, Kerby-Mcclough Tract

  • $234,900
  • Bedrooms: 4, Baths: 2
  • Home size: 1,267
  • Lot size: 5,053
  • Year built: 1944
  • MLS #: 5976353
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4039 E Camino Street, Mesa 85205, Greenfield Park Unit 2 Lot 236-400 TR A

  • $214,995
  • Bedrooms: 3, Baths: 2
  • Home size: 1,136
  • Lot size: 4,619
  • Year built: 1986
  • MLS #: 5975055
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5713 E Casper Road, Mesa 85205, Velda Rose Estates 2

  • $182,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,078
  • Lot size: 7,322
  • Year built: 1963
  • MLS #: 5952657
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6335 E Brown Road, Mesa 85205, Brookfield West 1 Unit 2

  • $210,000
  • Bedrooms: 2, Baths: 2
  • Home size: 978
  • Lot size: 4,089
  • Year built: 1988
  • MLS #: 5974088
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515 N 56th Street, Mesa 85205, Velda Rose Estates 3

  • $218,000
  • Bedrooms: 2, Baths: 1.75
  • Home size: 1,233
  • Lot size: 7,449
  • Year built: 1964
  • MLS #: 5971458
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244 S Travis --, Mesa 85208, Sienna Estates

  • $240,000
  • Bedrooms: 3, Baths: 2.5
  • Home size: 1,581
  • Lot size: 2,400
  • Year built: 2008
  • MLS #: 5971272
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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
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2247 E Florian Avenue, Mesa 85204, Summer Place

  • $249,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,043
  • Lot size: 5,025
  • Year built: 1982
  • MLS #: 5956601
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8921 E Butternut Avenue, Mesa 85208, Broadway Manor

  • $215,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,218
  • Lot size: 5,746
  • Year built: 1998
  • MLS #: 5973526
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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
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1753 E Pinto Drive, Gilbert 85296, Rancho Cimarron

  • $249,999
  • Bedrooms: 2, Baths: 2
  • Home size: 1,019
  • Lot size: 6,486
  • Year built: 1997
  • MLS #: 5973419
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520 S 99th Street, Mesa 85208, Crisway Estates 2

  • $225,900
  • Bedrooms: 3, Baths: 2
  • Home size: 1,150
  • Lot size: 6,312
  • Year built: 2008
  • MLS #: 5964250
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950 S Balboa Drive, Gilbert 85296, San Savino

  • $230,000
  • Bedrooms: 3, Baths: 2
  • Home size: 1,240
  • Lot size: 3,850
  • Year built: 2003
  • MLS #: 5973358
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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
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2221 E Alpine Avenue, Mesa 85204, Casa de Sol

  • $219,900
  • Bedrooms: 3, Baths: 1
  • Home size: 1,080
  • Lot size: 6,002
  • Year built: 1961
  • MLS #: 5961769
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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
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ARMLS Listing Data last updated 9/22/2019 5:07 PM MST.

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