Rent vs Buy in Phoenix, AZ

Should you rent or buy a home in Phoenix? Use our calculator with local market data to make an informed decision.

Median Home Price

$425,000

Median Rent

$1,750/mo

Property Tax Rate

0.66%

Price-to-Rent Ratio

20.2x

Rent vs Buy in Phoenix, Arizona

Should you rent or buy a home? Calculate your best option.

Your Scenario

Home Price

Monthly Rent

Mortgage Rate

Down Payment

Time Horizon7 years

1 years30 years

Explore Scenarios

Adjust these sliders to see how different assumptions affect your decision.

Mortgage Rate7.00%

5%7%9%

Home Appreciation3.0%

0%3%5%

Rent Growth3.0%

0%3%6%

Time Horizon7 years

35710

💡 Tips

• Higher mortgage rates favor renting
• Higher home appreciation favors buying
• Higher rent growth favors buying
• Longer time horizons typically favor buying

🔑Renting is Better

You could save $12,948 by renting

Over 7 years

Monthly Cost (Rent)

$1,916

Average

Monthly Cost (Own)

$3,066

Average (excl. equity)

Total Rent Paid

$160,912

Total Owner Costs

$355,294

Final Equity

$181,433

After selling costs

Break-Even Year

Never

Beyond horizon

Upfront Costs to Buy

Down Payment (20%)$85,000

Closing Costs (3%)$12,750

Total Needed$97,750

Cost Comparison Over Time

Total Rent Paid

Total Owner Costs

Net Cost (After Equity)

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Explore Time Horizons

Year Horizon

About Buying vs Renting in Phoenix

The decision to rent or buy in Phoenix, Arizona depends on many factors including your financial situation, how long you plan to stay, and current market conditions.

With a median home price of $425,000 and median rent of $1,750 per month, Phoenix has a price-to-rent ratio of 20.2. This relatively high ratio suggests renting may be more economical in the short term.

Use our calculator above to input your specific scenario and see a personalized analysis. Adjust the time horizon, mortgage rate, and other factors to explore different outcomes.