Rent vs Buy

This is a popular topic recently due to rents continuing to rise in the Phoenix metro area. Recent stats release by ARMLS this week show another month over month increase in median rent. Keeping Current Matters blog created an easy to understand infographic. It is below:

  • The percentage of income needed to afford a median priced home is almost half the percentage of income needed to afford median rent.
  • Buying costs are significantly less than renting costs.
  • The percentage of income needed to afford a median priced home is less than the historic norm.