Buying Is Now 33.1% Cheaper Than Renting in the US

Buying Is Now 33.1% Cheaper Than Renting in the US | Simplifying The Market

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers actually show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

Other interesting findings in the report include:

  • Interest rates have remained low and, even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation.
  • With rents & home values moving in tandem, shifts in the ‘rent vs. buy’ decision are largely driven by changes in mortgage interest rates.
  • Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

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.  Give me a call – J.P. Cook – 602-320-4253.

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8055 N Mummy Mountain Road Paradise Valley, AZ 85253

$19,995,000
7 Beds
12 Baths
25,416 SqFt
Status Active
MLS # 5165200
Property Type Single Family - Detached
Lush, mature landscaping, hand-laid stone walls, and artistic wrought iron accents line the guest drive of this impressive 5-acre Mediterranean estate. Architecturally designed by Erik Peterson and custom built by Desert Star Construction, this magnificent estate boasts 7 bedrooms, 12 bathrooms, a detached 2-bedroom guesthouse, a free-standing 1,800 square foot fitness facility, a tennis court and more than 25,000 square feet of incomparable Arizona living. Showcasing the very best in home entertainment, this grand estate's lower level is comprised of a private theater with tiered seating, ultra modern music room with pro lighting package, a recording studio and a custom-designed instrument showroom.

5335 N Wilkinson Road Paradise Valley, AZ 85253

$18,000,000
7 Beds
12 Baths
15,381 SqFt
Status Active
MLS # 5579913
Property Type Single Family - Detached
Bramasole: Enjoy your own resort! Privacy, luxury & relaxation in the heart of the Valley. Situated on 4.5 acres of lush landscaping boasting over 15,000 SF of elegance featuring a 3,000-bottle wine cellar, chef's kitchen, library, high-tech media room, exercise room, and an oversized 9 car garage! The outdoor oasis rivals any resort. Dip into your beautiful saltwater pool & spa, entertain with seating for 120 of your closest friends while floating in your 150,000 gallon lazy river with a 30 FT water slide, rope swing, splash pad, volleyball court, firepits and putting green. Enjoy your outdoor commercial kitchen, his & her locker rooms and a separate guest house, in addition to a caretakers cottage with an additional garage! Your dream estate awaits YOU...

20450 N 108th Place Scottsdale, AZ 85255

$17,995,000
6 Beds
14 Baths
20,805 SqFt
Status Active
MLS # 5619595
Property Type Single Family - Detached
Spectacular mountain and city light views come with this luxurious estate situated on 4 private acres on the 6tgh hole of the Tom Weiscopf designed Silverleaf golf course and adjacent to the McDowell Mountain preserve's hiking trails. All the main living areas including the Master suite are located on the first level. The home boasts 5 indoor and outdoor kitchens, 2 elevators, a virtual reality/golf simulator room, gymnasium w/ basketball court, volleyball court and rock climbing wall, home theater, fitness center w/steam room, detached guest house w/ private drive, 8 garages, high-tech game room, estate pool, multiple spas, state of the art security & home automation. Shown by appointment only.

5335 N Invergordon Road Paradise Valley, AZ 85253

$16,950,000
6 Beds
13 Baths
25,851 SqFt
Status Active
MLS # 5676395
Property Type Single Family - Detached
Simple words cannot describe an estate of this stature. The polished elegance and imposing beauty are what movies are made of, and it's easy to imagine many a movie being filmed in this magnificent showpiece. The rooms are so luxurious and so unique, it's impossible to convey the grandeur without seemingly exaggerating, and to say that this mansion is constructed with quality materials is a massive understatement, as it has been built with commercial standards and engineering that are rarely, if ever, seen in residential construction. If that doesn't get your attention, the 25-person elevator sure will, serving as a focal point so spectacular that it will take your breath away. Impeccable custom design adorns every inch of this palatial residence, including a full home theatre, lavish two

5290 E Exeter Boulevard Phoenix, AZ 85018

$16,850,000
10 Beds
12.5 Baths
18,900 SqFt
Status Active
MLS # 5541378
Property Type Single Family - Detached
Taliesin trained and renowned architect, George Christensen is responsible for the design of this timeless home. On 5 acres, this estate is comprised of 4 separate structures including the 12,000 sf main house, a 3,500 sf guest house, a 1,900 sf office and a 1,500 sf gym and caretaker cottage. The main house has 6 bedroom suites 7.5 baths. Finishes like hand applied plaster walls, wide-plank white oak wood flooring, reclaimed beams, Hopes steel windows and doors, and multiple fireplaces set the stage for comfortable elegance and easy living. The open kitchen includes La Cornue and Viking appliances; creamy marble countertops, and the finest custom cabinetry. A formal living room and dining room create perfect settings for entertaining, while the very large family room is adjacent to

New River AZ 85087

$16,000,000
4 Beds
2 Baths
19,161 SqFt
Status Active
MLS # 5584412
Property Type Single Family - Detached
AMAZING OPPORTUNITY TO OWN 32 ACRES TOTAL NORTH OF ANTHEM OUTLETS. BORDERS I17 FRONTAGE ROAD. C3 Zoning. Fantastic location. Please DO NOT bother anyone on property. Recent appraisal meets value. Willing to sell 8 Acres South of Nursery separately. Seller will finance! Thank you.

19920 W Verde Hills Drive Wickenburg, AZ 85390

$14,900,000
3 Beds
3.5 Baths
5,365 SqFt
Status Active
MLS # 5685013
Property Type Single Family - Detached
Powell Ranch sits on a plateau providing 360 views, with 538 deeded acres and grazing leases from the state on over 2,200 contiguous acres (all fenced). Designed by architect Bill Otwell, the 5,365 SF Santa Fe style main house with 3BR/3.5BA, office and media room is constructed of 18 thick adobe walls covered with cement plaster. 9'+ ceilings are unique - stripped Aspen poles above giant pine beams, 4 fireplaces, 3 fountains & lush landscaping. 1,066 SF guesthouse is 2BR/1BA; 2,200 SF detached garage/workshop fits 3 cars, RV, storage and 1/2 BA. Equestrian facilities include a large arena, 4 outdoor stalls/corrals w/auto water (3 shaded), covered hay storage, tack room, horse wash, and 60' round breaking pen. See Documents section for details.

5837 N Palo Cristi Road Paradise Valley, AZ 85253

$13,690,000
8 Beds
9 Baths
14,458 SqFt
Status Active
MLS # 5550464
Property Type Single Family - Detached
Palatial Mansion & Park-Like Grounds on a total of 4.73 acres. Majestic use of internal inlaid marble floors and columns, and external artistic carved travertine on a grand scale. This estate was a custom build and offers gorgeous views of Camelback mountain and Piestewa Peak from every balcony. Complete with two guest casitas, resort style pool/spa, two outdoor kitchens, professional grade tennis court, putting green, sand volleyball, kids play area, park-like grounds with carved fountains & benches to enjoy the artistic landscape grandeur & views. too much to list, must see in person. Note: This sale includes 5815 N. Palo Cristi Road, an additional 1.16 acres, parcel 170-02-002B, which has a separate guest house of approx. 2200 sqft offered in �as is� condition

9364 E Skyline Trail Gold Canyon, AZ 85118

$12,500,000
10 Beds
14 Baths
22,740 SqFt
Status Active
MLS # 5564406
Property Type Single Family - Detached
One of the most spectacular homes in the entire valley. Featured on FOX 10 Cool House Segment. Located in the 24 hour private guard gated community of Superstition Mountain Golf and Country Club. This beautiful estate is set on two home sites and located on the highest hillside point in the community with 360 degree views for miles of the city lights, sunsets, entire Superstition Mountain Range, surrounding mountains, and lush meandering golf course fairways. This spacious and luxurious estate is comprised of over 22,000 livable SF which include a separate 2000SF guest house; Expertly designed with luxurious custom finishes and attention to detail through out. Spacious great room with electronic disappearing walls of glass which allow for seamless indoor and outdoor resort style living;

9625 E Aw Tillinghast Road Scottsdale, AZ 85262

$12,500,000
6 Beds
8 Baths
11,250 SqFt
Status Active
MLS # 5689418
Property Type Single Family - Detached
Timeless contemporary estate that was inspired with an unlimited budget, a blank canvas for architectural creativity and a one-of-a-kind site with views of the entire southern horizon. A visionary and profound architectural statement with intersecting radial and linear forms built to commercial construction standards. The pioneering roof design features 'folded plates' of copper that perfectly blend the home into the natural desert surroundings. Interior details include Hope Steel doors, limestone flooring, dry-stacked sandstone fireplace surrounds and custom copper details and trim around every window, doorway and wall. The site provides 270 degree, top-of-the-world sunset, city light and mountain views from 16 hilltop acres at the apex of Lone Mountain in Scottsdale's Desert Mountain.

27341 N 102nd Street Scottsdale, AZ 85262

$11,950,000
8 Beds
11 Baths
14,231 SqFt
Status Active
MLS # 5667207
Property Type Single Family - Detached
An absolute masterpiece rooted in the principles of southwestern adobe-style architecture located in the world renowned golf community of Estancia in Scottsdale, Arizona. The multi-structure compound emulates the natural terrain and creates a resort atmosphere perfect for family and guests while maintaining the utmost privacy. The residence is forged in a canyon at the north end of Pinnacle Peak with dramatic elevation changes of over 300 feet from one side of the property to the other which creates unobstructed mountain, city light and sunset views ranging from 15 - 50 miles in three directions. The site acreage feels like a 30 acre property based on the adjacent mountain and golf course preservation areas. This is truly one of the finest properties in the western United States.

5515 N Saguaro Road Paradise Valley, AZ 85253

$11,800,000
5 Beds
8 Baths
10,084 SqFt
Status Active
MLS # 5217219
Property Type Single Family - Detached
VIEWS & LOCATION! Great value at the base of Camelback Mountain with STUNNING views in all directions! This is a rare chance to own approx 9 AC in Paradise Valley's premier location! Built by Nance Construction, with over 10,000 SF. Great care went into the architectural details & decorative finishes to create a gracious home that quietly speaks of harmony of materials enriched by contrast of textures including fabulous tile, wood & plaster details. Graceful floor plan with 5 bedrooms, 8 baths, 8 fireplaces indoors & out, study, media room & an expansive master suite w/ a balcony running the length of the entire top floor for spectacular mountain views. Lush grounds with 8 serene patios, gorgeous Lapis blue pool, additional water features, fire pit, Ramada & a separate one bedroom casita.

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