Rent vs Buy in Phoenix, AZ
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Phoenix, AZ
Price-to-rent ratio is 19.4 (under 15 favors buying, over 21 favors renting). Renting costs $1,734/mo; owning runs about $3,065/mo — $1,331/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.18% rate) | $2,190 |
| Property tax | $370 |
| Home insurance | $168 |
| Maintenance | $337 |
| Total to own | $3,065 |
| Average 2BR rent | $1,734 |
Based on a median home value of $404,067 with a $80,813 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.