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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6274 E Walden Way Prescott Valley, AZ 86314

$520,000
3 Beds
2 Baths
1,661 SqFt
Status Active
MLS # 6677779
Property Type Single Family Residence
Price Type --

16015 W Cocopah Street Goodyear, AZ 85338

$520,000
4 Beds
2.5 Baths
2,913 SqFt
Status Active
MLS # 6677879
Property Type Single Family Residence
Price Type --
This home is beautiful in the well sought out city of Goodyear! The large open kitchen has granite countertops. Formal Living room and dining room, fireplace, and an office. Seller needs a leaseback or extended closing while waiting on new construction build.

2112 W Harwell Road Phoenix, AZ 85041

$520,000
4 Beds
2.5 Baths
2,574 SqFt
Status Active
MLS # 6678576
Property Type Single Family Residence
Price Type --
Don't miss out on this great home in a gated community. Interior and exterior of the home was recently painted!!! Great floor plan with a huge backyard that is ready to make it your own!! Beautiful curved staircase, large grand vaulted entry way, and an RV Gate will not disappoint!!

12106 W Rowel Road Peoria, AZ 85383

$520,000 - 5Br/3Ba -  for Sale in Coldwater Ranch Unit 4, Peoria
New
$520,000
5 Beds
3 Baths
2,294 SqFt
Status Active
MLS # 6699723
Property Type Single Family Residence
Price Type --
Absolutely Beautiful 5 Bedroom, 3 Bath, Two Story Home Located on Premium 10K SQ FT Corner Lot, Amazing Views & Boarding Preserve Land, Gourmet Kitchen w/Custom Cabinets & Granite Countertops, Gas Range & Built-In Microwave, Stainless Steel Appliances Included, Walk-In Pantry, Kitchen Island w/Breakfast Bar, Eat-In Kitchen Dining Room, Spacious Great Room w/Triple Sliding Doors, One Bedroom & Full Bathroom Downstairs, Upstairs: Large Master Bedroom w/Walk-In Closet, Master Bathroom w/Dual Sinks & Custom Walk-In Shower, 3 More Bedroom & Hall Bathroom, Extended Backyard Patio w/Customer Pavers & Grass Area, The Views Are Awesome to the North w/State Land Boarding Behind, Professionally Landscaped Front & Backyard, 2 Car Garage, Amazing Home - Come Check It Out!

5611 W Chicago Street Chandler, AZ 85226

$520,000
3 Beds
3 Baths
1,686 SqFt
Status Active
MLS # 6694243
Property Type Single Family Residence
Price Type --
No HOA w/ near quarter-acre! Dream life home w/ 11' RV gate & RV parking w/ electric; even a tree house & swing to play. Huge grass backyard for camping, movie projectors, private coffee moments, & late night firepits. Allowed up to 5 chickens on lot! Orange & lemon trees line the back fence for seasonal fruit & privacy. White kitchen cabinets w/ sparkle backsplash & glass pulls to brighten your day as you overlook the grass yard. Flooring was updated w/ cherry engineered hardwood & diagonal porcelain tile & sealed grout to last & compliment all your furniture. Bump-out bay window with view of tree house to keep an eye on everything or enjoy a book w/ the view. Third-car-garage separately fenced so you can run a business, park a boat, or store cars w/o ruining the view. Loft for extra rm. Balcony on master to have a private outdoor living area or easy to enclose for add-on master space. Big enough to build on to make more rooms, as neighbors have done, without changing the floorplan but enough unrestricted space to do so for decades of growth. Kitchen sink overlooks backyard so you can view the greenery or sunset as you're using the kitchen. Minutes to Chandler Mall, movie theatre, and restaurants for a convenient and entertaining lifestyle. Quick access to highways so you don't waste time getting across the valley so you can spend more time on work or friends. Upper bedroom has low e window and wooden plantation shutter to keep the room cool, quiet, and dark for anyone that sleeps during the day. Ceiling fans or pre-mounted boxes for fans in bedrooms so you can sleep individually in comfort. All bedrooms have direct access to a bathroom so any guests can have their own bathroom. City has public green-belts one street over that connect schools & large park so you can walk/ride/jog in safety and comfort. Down the street from city pool and dog park make relaxing an easy decision. Windows have separate 90%-blocking sunscreens to keep the heated summers to a minimum inside; currently removed for better view. Front door has separate security door that can be used as a screen door to let cool spring/fall air in without, well, leaving the door open; currently removed for easier entry. Olive tree in the front and Honey-bell orange tree in the back is the best producer of sweet seasonal harvest.

12041 N 30th Street Phoenix, AZ 85028

$520,000
4 Beds
2 Baths
1,280 SqFt
Status Active
MLS # 6694510
Property Type Single Family Residence
Price Type --
Great investment property /or Owner occupied that will live in the Main house and can rent the separated bed room with private kitchen & Bath and entrance Horse property With no HOA 1/3 Acre Corner Lot House, 4 Bedrooms, 2 Baths + 1 Car Port & R.V. Gate, Remodeled house with newer kitchen, HVAC & painted inside/out. New quartz counter tops & SS appliances, Great Suburban life style in the heart of the city, Lots of room to accommodate your pets & animals as well. Great location with access to SR-51 that will take you south to airport/ downtown or north to Loop-101... close to the PV Mall and Desert Ridge shopping. Newer roof 5 years old and AC is 5 years old, the whole house has been remodeled within three years, water heater is 2 months old, appliances about 3 years old.

19826 N Cherry Tree Lane Sun City, AZ 85373

$520,000
2 Beds
2 Baths
2,193 SqFt
Status Active
MLS # 6697153
Property Type Single Family Residence
Price Type --
Don't look past this completely remodeled home where every detail has been accounted for. With two bedrooms plus den and 1.75 baths, there is plenty of room to spread out. OWNED solar panels make this dream home easy on your wallet also! Located between the fourth & fifth hole of the Willowbrook Golf Course, this home was originally designed for those closest to Del Webb & let me tell you, the views don't disappoint. Come relax on the spacious patio or take in the views from the living room's bay windows. This is a home you can have to yourself or invite guests and make them a meal in the kitchen of your dreams with custom made cabinetry, a double oven, double pantry, center island with seating, & even a pot filler! The pictures are gorgeous but the home in person is even better!

4019 W Campo Bello Drive Glendale, AZ 85308

$520,000
4 Beds
2 Baths
2,069 SqFt
Status Active
MLS # 6700320
Property Type Single Family Residence
Price Type --
When a home checks this many boxes, you must act! Citrus trees, a low-maintenance front yard and a private courtyard make a welcoming entrance. The sparkling pool, lush lawn, and broad entertaining backyard space make it a great home for both social gatherings and private relaxation. The built-in pet door, home security/automation system, and smart thermostat keep things running efficiently so you can focus on the important things. Stay organized with the bonus space in the garage and storage sheds on the west side of the home. You are conveniently close to Arrowhead Mall and the P83 District, among other shopping centers. You have quick access to major roadways without backing them and dealing with noise - the best of both worlds! Skip the to-do list with this updated gem - you don't have time for that! The Desert Pines Neighborhood welcomes you home!

34971 N 30th Avenue Phoenix, AZ 85086

$520,000
3 Beds
3 Baths
1,566 SqFt
Status Active
MLS # 6704358
Property Type Townhouse
Price Type --
Discover perfection in this 3-bed, 3-bath townhouse nestled in North Phoenix's prime neighborhood. Originally renovated to impeccable standards for owner's daughter, now a rare find on the market! No detail overlooked in this flawless remodel, boasting top-quality craftsmanship and premium materials throughout. From elegant finishes to modern amenities, enjoy luxurious living at its finest. Don't settle for less - seize this extraordinary opportunity to own a meticulously updated townhouse with no compromises.

2150 S 217th Lane Buckeye, AZ 85326

$520,000
5 Beds
3 Baths
2,836 SqFt
Status Active
MLS # 6704831
Property Type Single Family Residence
Price Type --
Not too many homes have it all but this one does! 5 huge bedrooms and 3 baths with a full bath and bedroom downstairs. Enormous loft, formal dining room, and separate living & family rooms. The kitchen comes with contemporary cabinets with all the storage space you can imagine, island with breakfast bar, stainless steel appliances, tile backsplash, and quartz countertops. The backyard is enormous, has covered patio that extends the entire width of the home, and a fenced swimming pool. There is all the room you need to play, relax, and entertain. It's in immaculate condition from ceiling to floor and move in ready. Al it needs is your furniture. This is a rare opportunity. You don't want to miss out so come take a look! Thanks for stopping in.

17585 W Marshall Lane Surprise, AZ 85388

$520,000 - 4Br/3Ba -  for Sale in Surprise Farms Phase 2 Parcel 2, Surprise
New
$520,000
4 Beds
3 Baths
2,907 SqFt
Status Active
MLS # 6706852
Property Type Single Family Residence
Price Type --
Come enjoy all Surprise has to offer. This well kept 2 story home features neutral palette throughout. AC unit was replaced in 2023. The large kitchen has tons of cabinet and countertop space along with stainless steel appliances, a pantry and a large island. You will love the natural light and bright open feel of this home. The recently installed turf and putting green in the backyard make it the perfect spot to relax and enjoy a BBQ. The large master suite features dual walk in closets, a separate tub and shower. The secondary bedrooms and primary bedroom are all generously sized. This home also features an open loft and a Tech center. The community features lots of parks, a dog park and walking trails. The high school is a short bike ride away!

17652 W Fetlock Trail Surprise, AZ 85387

$520,000
4 Beds
3 Baths
2,342 SqFt
Status Active
MLS # 6705984
Property Type Single Family Residence
Price Type --

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