The title of this post is a quote from John Burns, a real estate consultant out of California. I recieve his email newletters regularly, and for the most part they consist of statistical charts and a grading of local economies for major cities in fifty states.
Read more about what his Local Anaylsis newsletter starts out with this week:
Phoenix is the most unique market in the country right now. Any renter with a stable job and the desire to become a homeowner and live in Phoenix for a long time should be buying a home right now because affordability has never been better (our analysis goes back to 1981).
However, the problem is that few have a stable job. Phoenix has lost a whopping 86,800 jobs in the last 12 months, which is 4.5% of its employment base, and every major sector of the economy has lost jobs except Education and Health Services.
The article goes on to compare the cost differences in renting vs. owning, showing a $700/month swing since 2006. He also indicates the low-down government backed loans may not be around forever.
Read the full article “Owning is Less Expensive Than Renting in Phoenix” .
