A new study by Trulia compared the costs of owning a home against renting.Here's how the study worked and what it means for Fountain Hills.
Trulia examined rental and home sale markets in major metros, from June through August of 2012. When adding up the costs of home ownership, they considered the closing costs, property taxes, homeowner's insurance premiums, and mortgage loan interest. They also considered the effect of itemizing allowable home expenses from income tax.
For rental expenses, Trulia used the average rents for comparable properties and included renter's insurance premiums. They also used a 7-year term of home ownership vs. 7 years of rent for the purpose of the study.
And the result? For Phoenix, AZ, the cost of renting averaged $1,223 per month. The cost of home ownership averaged $625 a month. Homeowners are ahead by $598 a month!
Skeptical? The results are similar in Tucson, AZ. Renting averaged $1,172 per month; home ownership averaged $635 a month. Homeowners pocket the difference of $536!
There are situations where renting makes sense, especially for short-term occupancy. However, if you are looking at seasonal occupancy on an annual basis, ownership still serves you better in the long run. It all comes down to your personal needs, lifestyle, and long-term goals.
How do things look in Fountain Hills? Our proximity to Phoenix gives us similar price ranges for housing costs. But why not do some comparisons of your own? I have all the information you need about the beautiful homes for sale in Fountain Hills - and I can also help you find rental properties. Whether you wish to own or rent, there's one thing we can all agree on - Fountain Hills is a wonderful place to live!
With over 30 years of Fountain Hills real estate experience, I have the local expertise to guide you through our fast-changing Fountain Hills real estate market. If you are ready to enjoy the splendor of panoramic, desert views from your own home, let me show you how to get started. Contact me today about home buying in Fountain Hills!