Renting vs. owning - today's market

by Kevin Tripp/News-Talk 92.3 KTAR (November 6th, 2009 @ 4:16pm)

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PHOENIX - If you are currently a renter now could be a good time to buy a home.

Forbes Magazine says Phoenix is one of the places where it is often cheaper to buy than to rent. Valley Realtor Russell Shaw says that could be true, provided you are looking in the right price range.

"You get down around 100 thousand and it's actually pretty close," he said. "It works out - especially with the tax benefit - it is cheaper and is a lower payment than you can rent the house for."

Shaw said that you have to check out the neighborhood, however, to know if owning is a better deal than renting.

"In a higher-priced home, let's say an eight or $900,000 home...it would be cheaper to rent because they don't rent for that much compared to what they're worth."

Last 2 Comments

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  PEOPLE WHO BUY "NOW"

  PETE M

  Will eventually make a fantastic return in years to come, if you can afford the headaches of becoming a landlord, and can afford it, is a good time to buy as many homes as you can handle. one of the only times in my history that you can actually make a positive return on monthly rents...time to leverage............!!!!!!!!!!!

  49117
• 0 Reply Abuse Vote

  Buy, definitely Buy

  I'm4Sanity

  It's time, finally if you've been waiting for the bottom to hit, it has. We are selling homes in the $80,000 to $130,000 and we can't keep them on the market for more than a week. I don't see a dramatic increase in value, but it won't get any cheaper than it is right now. Especially with the Tax Credit being extended until April 30th, 2010, you can't go wrong with all the tax benefits that also come with being a homeowner.

  49099
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