“Owning is Less Expensive Than Renting in Phoenix”

Dru Bloomfield — Mon, 23 Feb 2009 14:33:07 +0000

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” .

Buy or Rent – Now there’s a calculator

Dru Bloomfield — Mon, 24 Mar 2008 13:35:57 +0000

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.)

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“Owning is Less Expensive Than Renting in Phoenix”

Buy or Rent – Now there’s a calculator