Phoenix Metro area ranks 34 among the top cities where owning is more affordable than renting. The difference – $44. Yes that’s right, according to the LendingTree study, it’s a better investment to own a home in the Valley of the Sun.
Most people rent because they think it’s more affordable than owning a home—but in a huge number of metros in the United States, that’s just not true.
In the study, the median mortgage payment is less than the median rent payment in 20 of the 50 largest metros in the US. That means that owning a home in one of these areas will actually save you money over renting. And in another 13 metros, the price difference between owning a home and renting is less than $100 per month—which means that while owning a home in these metros is more expensive, the difference in price isn’t significant, especially when you consider that homeownership is a long-term investment.
Call us today if you are ready to take a step toward home ownership or changing your current home.