Special offer

More Research Encourages Buying (versus renting) a Phoenix Home

By
Real Estate Agent with Sterling Fine Properties AZDRE# BR553129000

Credit Suisse reported data this week putting numbers to something we already suspected: it can be less expensive to own a home than to rent.

In their research report, record low mortgage rates and home prices were credited for the percentage of median household income needed to pay the mortgage on a median-priced home being at a 30-year low. Really? A 30-year low! I know we are getting used to some of these record-breaking numbers but this is nothing to sneeze at.

Credit Suisse singled out Washington, D.C., California's Inland Empire, Las Vegas and Phoenix as areas where it's cheaper to own than rent.

This research confirms other reports, including pieces which I have blogged about this year.  I went back to that New York Times calculator which figured that buying is better than renting after six years in a home. I made just one change - the mortgage rate. And I inputted 4.8 percent (even though rates have been lower) just because my most recent client locked in at that rate. This one change reconfigured the New York Times estimate to buying being better than renting after five years. The mortgage rate is hugely influential in what a great time it is to buy right now.

Read more about "More Research Encourages Buying (versus renting) a Phoenix Home," at MyPhoenixmls.com blog.

Posted by

I specialize in selling Phoenix real estate -- Scottsdale homes and Phoenix homes, including Phoenix short sales and bank owned homes. To see my listings and learn more, visit www.MyPhoenixMLS.com.

MyPhoenixMLS Real Estate

 

Comments (0)