Buying a Home May Be Cheaper Than Renting One

Tucsan Real Estate Podcast with Kathy Vallee

If you’ve been renting a home, you’ve been paying too much. In Tucson, it’s actually cheaper to buy your own home than to rent one.

There are many great Tucson area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at 520-544-5555 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I want to talk to renters who are considering buying a home. In the past four years, rental rates have gone up at a dramatically higher rate than home values. Rental rates are skyrocketing right now, so we are going to talk you through a few statistics when it comes to renting vs. buying.

The median sale price last month in Tucson was $173,000. If you were to buy that house with 10% down, your monthly payment would be right around $900. If you were to rent that same house today, your payment would be around $1,360 per month.

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It’s a great time to take a serious look at becoming a homeowner.

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As you can see, you are paying a premium for renting. I strongly suggest that renters reach out to a real estate professional or a lending professional and have them explain the details to you. I’m sure you will find that buying is in your best interest.

I suggest you talk to someone soon. Interest rates are still at record lows but housing prices are starting to inch back up as the market recovers. It’s a great time to take a serious look at becoming a homeowner, no matter what your situation.

If you have any questions, give us a call or send us an email. We look forward to hearing from you soon.