I started to write a post today about rental rates in the 100 most expensive cities, to compare ownership vs. renting, based on an article at Zumper.com. But it isn't the same comparing the cost of renting an apartment to owning a house. If you would like to read that article, you can find it here.
Today I also read an article on KTAR.com that, according to HotPads, which is owned by Zillow Group, Phoenix had the fastest growing rents in the nation during the second quarter of 2019. You can find that article here.
The Zumper article references 1 and 2 bedroom apartments, and the KTAR report mentions one-bedroom rents are higher but doesn’t specify apartment or house rentals otherwise.
So I wanted to compare apples to apples based on actual, local, MLS data.
The median sales price in Glendale for a 3+2 house recorded from 06/01/2019 - 07/02/2019 was $255,000. With an FHA loan with a good (not excellent) credit score that will run you about $1,560/month PITI. The median rental rate for an unfurnished 3+2 house in Glendale that closed from 06/01/2019 - 07/02/2019 was $1,550.
If you're renting a house in Glendale, you could be paying your OWN mortgage every month for ALMOST EXACTLY the same amount. And here is the local MLS data to back that up.
3 Bedroom 2 Bath Home Sales in Glendale June 2019
3 Bedroom 2 Bath Home Rentals in Glendale June 2019
Homeownership builds wealth and creates stability and a sense of community. If you’re ready to take the next step towards homeownership, I’m just a call or click away. If you’ve already reached out to a Lender, great! If you haven’t, or you aren’t sure where to start, I am happy to pair you with a local, experienced, Lender who understands your needs and knows what it takes to get the job done. And if you’re a few months or a few credit score points away from needing a mortgage, that’s ok. There’s no better time to start your home search than right now.
So don’t sign another lease until you’ve taken a look at what that monthly rent payment can BUY. Put your money – and me – to work for you on your path to homeownership.