(Published on - 4/20/2018 5:46:52 PM)
Rent is high in the Phoenix, Arizona area!
According to a study from www.azcentral.com, Phoenix is the 9th more unaffordable city to live in for renters in the US.
Workers in the Valley are having a tough time stretching their wages to pay rent. According to this study the average person or family than rents, must use up a week and half to two weeks of their monthly paycheck to pay rent.
You might be wondering what kind of places are they renting? They might need to downsize. This statistic is generally based on them renting a typical one-bedroom apartment, according to SmartAsset.
So this means they are working the most hours they can in order to affording a living space.
This brings me to the discussion of owning vs. renting.
Owning and renting both have their advantages, but what’s best for you depends on your current circumstances. Owning a home is a financial commitment.
Here are some of the benefits of both. As a Realtor, we tend to have more people buy than rent but situations sometimes don’t fit for buying right then.
You pay less up front.
While many landlords ask for first and last month’s rent and security deposit, it is still less than a down payment.
Repairs are less.
You may not be able to decorate or personalize your living space as you’d do if you owned it. However, repairs are generally less expensive as your landlord will generally fix things for you.
Costs may increase.
Your rent may go up in the future depending on your landlord or market trends.
Relocating can be easier.
You don’t have to worry about selling a home if you need to move. Making your life more flexible to move in case of a new job, etc.
Most mortgages require a down payment and with more money down you generally get lower monthly payments.
You also need to pay closing costs.
You can update your home with renovations, decorations and personalize it to make it your own. The downside, repairs and maintenance cost you directly.
Home Values Fluctuate.
Depending on the market, home values can rise and fall over time.
You may build equity in a home (market value minus what you owe), which can increase your assets.
If you live in the Phoenix area and would like to consider the possibility of owning, we’d love to walk you through the process.
Have a great day.
Chris and Dawn