May 31, 2023 - Development
Rent or own? In Phoenix, it's an easy call
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Almost 99% of Phoenix properties are cheaper to rent than to buy, according to a new analysis from online real estate company Redfin.
Context: That's well above the national average of 81% and just slightly below the nation's most unaffordable metros, like Los Angeles, San Francisco and Seattle.
The intrigue: While the analysis likely comes as no surprise to anyone looking to buy a home right now, it's actually a huge shift from where we were just five years ago.
- Before the pandemic-era housing boom and steep interest rate hikes, many people locked in mortgages on condos or starter homes for less than the cost of rent at the average apartment.
The bottom line: This is just another byproduct of our increasingly unaffordable housing market.