SCOTTSDALE, Ariz. — Buying a home may actually be cheaper than renting, a home-pricing website said.
Trulia.com says monthly payments are less for homeowners than renters.
“Owning a house is about 38 percent cheaper than renting,” said Valley real estate expert Dean Wegner.
This average monthly payment does not include maintenance costs for homeowners.
Wegner said the reason it’s cheaper to buy is the recession.
“This is much different than 2005 when renting was so much cheaper than owning because people were paying $400,000 for a house that you can buy for $200,000 now,” he said. “Home prices went down 56 percent (during the recession), and they still haven’t fully recovered in all areas. People are getting bargains left and right.
“Meanwhile, the rental pool got very aggressive. After the recession, a lot of people had to run to rent. As a result, the rental prices went up quite substantially.”
Wegner said those rental prices have not come down.
Trulia.com said that with a 4.5 percent, 30-year fixed rate loan, it costs about 33 percent less to buy opposed to renting in Phoenix. That figure is based on the homeowner staying for seven years, pay 25 percent in taxes and itemize deductions.
In Tucson, buying is 42 percent cheaper.
To read the report from Trulia, click here.
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier
- Three elements of a strong timeshare exit guarantee
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick