Is It Cheaper to Buy or Rent in Arizona?

Buying a Home Is Cheaper Than Renting in the Majority of the US | Simplifying The Market

The results of the 2018 Rental Affordability Report from ATTOM show that buying a median-priced home is more affordable than renting a three-bedroom property in 54% of U.S. counties analyzed for the report.

The updated numbers show that renting a three-bedroom property in the United States requires an average of 38.8% of income.

So where does Arizona come in?

In Maricopa County, rent showed as being less expensive (but by a very slim margin):

2018 Rental Affordability (Pct of Avg Wages to Rent): 38.6%
Q4 2017 Home Affordability (Pct of Wages to Buy Home): 39.2%

Yavapai County, rent came in less as well by a little bit larger margin:

2018 Rental Affordability (Percentage of Average Wages to Rent: 42.5%
Q4 2017 Home Affordability (Percentage of Wages to Buy Home: 57.2%

The least affordable market for renting was Marin County, CA, just over the Golden Gate Bridge from San Francisco, where renters spend a staggering 79.5% of average wages on rent, while the most affordable market was Madison County, AL where 22.3% of average wages went to rent.

Other interesting findings in the report include:

  • Average rent rose faster than income in 60% of counties
  • Average rent rose faster than median home prices in 41% of counties
  • While median home prices rose faster than average rents in 58% of counties

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home.

Call or text me at (602) 300-0423, or connect at any of the social media sites below, and put me to work for you today!

               

Click here for my mobile app:

Ben Zallaha

Ben Zallaha
Realtor
Realty ONE Group Mountain Desert
www.bensellsarizona.com
(928) 277-8685

 

Buying or selling, my primary focus to make the transaction as smooth and hassle free as possible. How can I serve you?

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Posted on April 23, 2018 at 6:02 pm
Ben Zallaha | Category: Blog

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