As mortgage costs continue to outpace rents in many markets, a new study found that renters in parts of Arizona pay up to 55% less per month than it would cost to buy a home.
NetCredit analyzed Zillow rental listings and estimated monthly homebuying costs (including mortgage, taxes, and insurance) across 268 U.S. cities and 4,241 neighborhoods to find where renters save the most money.
Full study: https://www.netcredit.com/blog/renting-vs-buying/
Arizona findings
Scottsdale was found to be the best choice for renters, with average monthly rent costing 55% less than the average monthly mortgage payment.
Monthly renting vs. buying costs in Arizona’s five largest analyzed cities
| City | Average Monthly Rent | Average Monthly Housing Payments (Mortgage + Insuance + Property Tax) | % Savings When Renting (vs Buying) |
| Scottsdale | $2,113 | $4,700 | 55.00% |
| Chandler | $1,848 | $2,958 | 37.50% |
| Mesa | $1,554 | $2,424 | 35.90% |
| Gilbert | $2,049 | $3,159 | 35.10% |
| Phoenix | $1,556 | $2,311 | 32.70% |
Monthly renting vs. buying costs in the Top 5 Arizona neighborhoods
| Neighborhood | City | Average Monthly Rent | Average Monthly Housing Payments (Mortgage + Insuance + Property Tax) | % Savings When Renting (vs Buying) |
| DC Ranch | Scottsdale | $3,969 | $13,676 | 70.98% |
| Armory Park | Tucson | $1,114 | $2,574 | 56.71% |
| McDowell Mountain Ranch | Scottsdale | $2,628 | $5,923 | 55.62% |
| Catalina Foothills | Tucson | $1,905 | $4,258 | 55.26% |
| Camelback East | Phoenix | $1,426 | $3,136 | 54.54% |
The financial advantages of buying versus renting your home fluctuate with changing economic conditions. But they also depend on the location of the property, as our new report illustrates.
For those who can afford a house, buying can help build equity as you pay off your mortgage. But buying, which involves a deeper commitment, may entail higher monthly costs including property tax and insurance, and can be harder to manage if fluctuating interest rates raise your monthly repayments.
To help young families zero in on where their dollar can go the furthest, online lender NetCredit analyzed and compared average rental prices and average monthly homeownership costs (comprising principal and interest on the mortgage, property taxes and home insurance costs) across 268 major U.S. cities and 4,241 neighborhoods.
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Key Findings
• Wildwood in Atlanta, Georgia, is the affordable neighborhood (rent below $1,500/month) where renters save the most vs. buying — savings of 77.7%.
• Omaha, Nebraska, claims three spots in the top 20 most affordable neighborhoods for renters — more than any other city in that category.
• Bellevue, Washington, is the best city for renters in our study, with savings of 71.1% when comparing the average monthly rent of $2,582 against homeownership monthly payment costs of $8,950.
• Nine of the top 25 cities where renters save the most are located in California, Texas or Washington.
