May 31, 2023 - Development

Rent or own? In Phoenix, it's an easy call

Share of properties where it's cheaper to rent than to own
Data: Redfin; Chart: Alice Feng/Axios

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.

The bottom line: This is just another byproduct of our increasingly unaffordable housing market.

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