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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7508 W Beryl Avenue Peoria, AZ 85345

$465,000
3 Beds
2 Baths
1,816 SqFt
Status Active
MLS # 6677431
Property Type Single Family Residence
Price Type --
Light and bright this Peoria home with a pool boast all tile and vinyl floors, granite countertops and plantation shutters throughout. Primary bath has garden tub, 2 closets and executive height countertops with custom glass tiles surrounding mirrors. Newer roof, AC and water heater. Newly painted, updated ceiling fans, light switches and outlets throughtout. Plus the vaulted ceiling, split floorplan and living/family room combo make this house a spacious place to call home. Large lot, RV gate and solar panels with NO HOA!

8877 N 185th Drive Waddell, AZ 85355

$465,000
4 Beds
3 Baths
2,027 SqFt
Status Active
MLS # 6694027
Property Type Single Family Residence
Price Type --
Energy-efficient, newer smart home! Open floorplan. Four-bed, three- bath home featuring thoughtfully designed layout. Spacious primary suite with a large bathroom and walk in closet. Enjoy the convenience of bonus room nestled between two bedrooms, providing the perfect space for leisure and entertainment. Bedroom number four enjoys its privacy with a separate bathroom, offering comfort and functionality for guests or family members. Kitchen is open to dining and gathering room, appointed with a massive gleaming granite island, stylish backsplash, amazing pantry with abundant shelves, a gas stove. Fully landscaped, private backyard with block wall privacy, pavers, and turf. Breathtaking views of the White Tank mountains, quiet location, minutes away from Whitetank Regional Park. Park with play area right around the corner. Conveniently located close to the 303 freeway.

1650 E Ponderosa Parkway Flagstaff, AZ 86001

$465,000
2 Beds
2 Baths
1,134 SqFt
Status Active
MLS # 6681315
Property Type Apartment
Price Type --
Welcome to your ideal Flagstaff condo! This 2-bed, 2-bath gem on Ponderosa Parkway offers unbeatable convenience near downtown, NAU, hiking, and dining. With all appliances included and an elevator for easy access, this condo is both practical and luxurious. Enjoy two covered patios, one off the owner's suite, and another from the main living room. Don't miss this opportunity for prime Flagstaff living!

14643 N 35th Drive Phoenix, AZ 85053

$465,000
4 Beds
2 Baths
2,013 SqFt
Status Active
MLS # 6684971
Property Type Single Family Residence
Price Type --
Welcome to your beautifully updated 4 bedroom 2 bath split floorplan. Nicely priced for a quick sale. Interior has been completely and tastefully renovated to include brand new kitchen cabinets and quartz countertops, bathrooms, flooring, even the windows have been replaced. So much closet and storage in this spacious home, the huge laundry room can double as extra storage/pantry space. All appliances including washer and dryer. Move in ready. Great location near the I-17, loop 101, ASU West Campus, and GCU.

6344 W Berkeley Road Phoenix, AZ 85035

$465,000
4 Beds
2 Baths
2,019 SqFt
Status Active
MLS # 6685860
Property Type Single Family Residence
Price Type --
This must-see completely remodeled home provides a large open floor plan with plenty of space for family and friends to enjoy. A lovely kitchen with white shaker cabinets, beautiful quartz countertop, stainless steel appliances, gas range, and a large walk-in pantry is sure to please the chefs in the family! A bright airy Arizona room adds more room for family gatherings. Plank flooring and new carpet in bedrooms. Ceiling lights throughout. New roof and new insulation. Beautiful fence with iron in front yard and block in back. RV Gate. This over 2k foot 4-bedroom 2-bath home is minutes from central Phoenix, parks, shopping, and stadiums; it's everything you're looking for and more.

951 S 240th Drive Buckeye, AZ 85326

$465,000
4 Beds
2.5 Baths
3,140 SqFt
Status Active
MLS # 6686855
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the upcoming city of Buckeye. This open concept home features 4 bedrooms, 2.5 baths, 3140 sqft and is the corner lot of the cul-de-sac. As you walk through the front door you notice the vaulted ceilings throughout the first level and space for your creativity to unravel. The backyard has a full-size pool, fire pit, and a newly added pergola perfect for entertaining family and friends. The entire house (inside & out) is set to be professionally painted 4/15. Beyond the walls of this exquisite home, the Acacia Crossing community provides a welcoming environment with scenic views and an array of amenities. From the Buckeye Recreation Center, parks & trails to nearby shopping and dining options, this neighborhood offers a vibrant and convenient lifestyle.

9614 E Nacoma Drive Sun Lakes, AZ 85248

$465,000
2 Beds
2 Baths
1,575 SqFt
Status Active
MLS # 6689665
Property Type Townhouse
Price Type --
Absolutely stunning 2 bedroom 2 bath property with a 2 car garage, in the apprised guard gated community of Sun Lakes Iron Oaks. This property features hardwood floors and berber carpet throughout, granite counters, SS appliances, newer remodeled bathrooms, front door security gate and the most peaceful patio overlooking a lush greenbelt. Walking distance from the gorgeous golf course of Iron Oaks and tons of restaurants and shopping. Apart of this amazing community is a community center, pools, spa, pickle ball courts, and much much more. Priced as one of the lowest in the area with a very motivated seller. Don't miss out to make this property your very own!

7508 E Earll Drive Scottsdale, AZ 85251

$465,000
2 Beds
2 Baths
1,047 SqFt
Status Active
MLS # 6691124
Property Type Townhouse
Price Type --
Home Sweet Home!! GATED community! Nicely upgraded throughout! Tile, laminate flooring, upgraded bathrooms with tiled showers, granite countertops in the kitchen! 2 bedrooms/ 2 bathrooms/ 1 car garage with a balcony!! Stainless steel appliances in the kitchen! Close distance to Fashion Square mall, Scottsdale multi use bike park, Starbucks, Osborn Medical, restaurants, Scottsdale Stadium, golf, parks, art galleries, t101 freeway, and all else this fantastic location has to offer location has to offer. Refrigerator, washer and dryer stay!! Enjoy the community pool/ spa!! Perfect for primary home or investment! Buyer to verify schools, HOA and all info. Professional pictures coming soon.

17625 W Dahlia Drive Surprise, AZ 85388

$465,000 - 4Br/2Ba -  for Sale in Sarah Ann Ranch Unit 2, Surprise
New
$465,000
4 Beds
2 Baths
1,917 SqFt
Status Active
MLS # 6692113
Property Type Single Family Residence
Price Type --
Beautiful single level home with desirable great room floor plan, 4 split bdrms and extended 3-car tandem garage. Kitchen upgrades include sharp quartz countertops, 42'' cabinets with raised panels and brushed nickel hardware, gas range, island and stainless steel appliances. Other upgrades include 18'' tile in walk areas, surround sound, radiant barrier roofing for energy efficiency, French doors to the patio, and cabinets in the laundry room. The south-facing backyard is easy maintenance, with a built-in grill with fridge and bar, extended patio, gas stub, dog run, and high quality artificial grass. Exterior was painted in 2023, full interior painted 4/2024. Community park with basketball and sand volleyball courts are within walking distance.

13651 N 79th Lane Peoria, AZ 85381

$465,000
4 Beds
2 Baths
1,821 SqFt
Status Active
MLS # 6693268
Property Type Single Family Residence
Price Type --
Welcome home, nestled in the vibrant community of Peoria, AZ. This residence offers a blend of sophistication and comfort. As you step inside, you are greeted by a seamless open concept design, adorned with pristine tile flooring that flows effortlessly throughout the home and vaulted ceilings. The spacious living areas provide the perfect setting for both relaxation and entertainment, while the kitchen beckons with its sleek appliances, and solid surface countertops. Outside, a private oasis awaits, featuring a sparkling pool enveloped by a full covered patio and surrounded by stylish pavers. Ideally situated in a prime location, this home offers easy access to a plethora of amenities.

43576 W Snow Drive Maricopa, AZ 85138

$465,000 - 4Br/3Ba -  for Sale in Parcel 5 Of The Villages At Rancho El Dorado, Maricopa
New
$465,000
4 Beds
3 Baths
3,183 SqFt
Status Active
MLS # 6694059
Property Type Single Family Residence
Price Type --
Spectacular location close to North entry of popular Villages community! This private lanscaped lot has fruit trees, a raised barbecue & outdoor fireplace entertainment area that overlooks green belt park and sport courts. Close walk to community pool and clubhouse. Great main floor plan with spacious entry living room, large kitchen incl. corrian countertop island and dining area that opens to large family room with built-in shelfing system, 1 bedroom & full bath, laundry room. 3 bedroom and comfortable open sitting area upstairs. Main upstairs bedroom has access to large balcony deck with views of park and mountains. 3 car extended garage. North/South exposure! This homes great location, floor plan and entertainment yard make it a great home to any buyer!

368 W Golden Aspen Drive San Tan Valley, AZ 85140

$465,000 - 4Br/3Ba -  for Sale in The Parks Parcel F 2018040900, San Tan Valley
New
$465,000
4 Beds
3 Baths
2,165 SqFt
Status Active
MLS # 6694410
Property Type Single Family Residence
Price Type --
Welcome to this beautifully upgraded David Weekly Home where Pottery Barn meets Chip and Joanna! This meticulously maintained home is move in ready. The beautiful exterior elevation welcomes you into the open light & bright great Room split floor plan with 10 ft. ceilings, custom paint, shiplap accent wall, recessed can lighting, 4 true bedrooms w/ 3 full baths, bedroom 4 with private ensuite creating privacy for family or guests. Awesome floorplan! Upgraded gourmet kitchen has large breakfast bar Island, granite counters, SS appliances, gas Cooktop, 42 inch upper cabinets w/ under cab lighting, tile backsplash, apron sink, walk in pantry, eat in kitchen/dining room and the oversized family room! The king sized primary bedroom features ensuite w/ large walk in shower, raised vanities, private toilet, & walk in closet. You will love the customized laundry room with pipe shelving with custom wood folding table. The backyard is fully landscaped with travertine tile, custom bar with electrical, lighted gazebo with electrical, putting green & artificial grass. Low maintenance a wonderful space to relax and entertain. 2 car garage with storage racks, garage opener. Fiber Optic wiring thru out home, water softener owned, Highest Energy efficient homes in The Parks with 2x6 construction, R30 cellulose blown insulation exterior walls Attic Batts and blown cellulose. Leased Solar panels installed 2021 saves on monthly electric bills with low monthly payment. Close to shopping, Olive mill, Schnepf farms, hospitals, restaurants and area is growing.

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