Think about the last time you played Monopoly. If you went through the game never buying a single property, what happened? You circled the board, collected your $200 at “Go,” paid rent whenever you landed on someone else’s space, and crossed your fingers when you picked up a Chance card. In the end, you probably lost.
Real life works a lot like that. If you rent long-term and never take the leap into homeownership, you’re always paying someone else’s mortgage. You face the same unexpected expenses life throws at everyone, but you never build an asset of your own.
That’s why I believe homeownership is the quickest, safest, and most reliable way to build financial stability here in Tucson. Let’s break it down.
Renting vs. Owning in Tucson: A Real Story
A few years back, I helped a client who had rented the same Tucson apartment for 14 years. When she finally bought a modest three-bedroom home, her monthly mortgage was the same as her old rent payment.
Fast forward about seven years. Rent at her former apartment complex is now about $400 more per month than her mortgage. Meanwhile, she’s built a substantial amount of equity in her home—equity she’s already been able to use to accomplish personal goals she never thought possible.
Why Homeownership Builds Wealth
Every mortgage payment reduces your loan balance and builds equity. As home values appreciate, your net worth often grows even faster.
Unlike rent, which can rise annually, a fixed-rate mortgage offers long-term payment stability.
Homeowners tend to put down roots, improving neighborhoods and building pride of ownership across Tucson.
Sell and use your equity for the next home, or consider converting a starter home into a rental to build additional wealth.
But What About the Hurdles?
- Down payment and closing costs exist, but Tucson buyers can explore down payment assistance programs and seller concessions.
- Maintenance and repair risk can be offset with home warranties and an emergency reserve.
- If you plan to stay at least three to five years, the long-term benefits of owning often outweigh renting.
Tucson Market Snapshot
Median list price (Pima County, Sept 2025): $415,900
Median rent: $1,875
Note: “Median” means the middle point—half of homes or rentals are priced above this number and half below. It differs from an average, which can be skewed by unusually high or low values.
Myth vs. Fact
Ready to Stop Just Passing Go?
If you’ve considered buying but felt the hurdles were too big, let’s talk. Often, the obstacles are smaller than they seem once you sit down with a trusted REALTOR® and a lender.
Send Jesse a no-pressure consultation email
Jesse Lapham • Realty Executives Arizona Territory • 520-870-1142 • Tucson, AZ
References
- Federal Reserve, Survey of Consumer Finances (homeowner vs. renter median net worth).
- National Association of Realtors, Homeownership and Wealth Creation (homeowner wealth multiples).
- Urban Institute, analyses on the wealth gap between homeowners and renters.
- Harvard Joint Center for Housing Studies, long-horizon outcomes of owning vs. renting.
- Pima County Market Update (Sept 29, 2025), median list price and rent figures.