Here’s a helpful home buying vs. home renting calculator from the New York Times web site. What I really like about this calculator is that it gives you a lot of info with just a couple changes to match your location. It also gives you a visual look at when you start seeing the savings (if any) of buying a home in your market.
In Scottsdale, property taxes are less than what the calculator defaults to, so I suggest changing the percentage to .5% to be closer to our rates.
(Thanks to Vicki Moore over at AgentGenius for sharing the link to helpful tool.)