Whether to buy or rent a place in AZ ?

Asked by Michael Nicholson, Burnsville, MN Fri May 20, 2011

I am 62 years old and will be selling our house in Burnsville, MN and moving to the Phoenix/Tuscon AZ area. What is the buy to rent ratio in that state.

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Bill Wallace’s answer
Bill Wallace, Agent, Bloomington, MN
Fri May 20, 2011
BEST ANSWER
According to Trulia, Phoenix is one of the strongest markets to buy instead of rent right now. You can find their research here - http://explore.trulia.com/datavis/rentvsbuy/Q2-2011/?ecampai…

Bill Wallace
RE/MAX Results - Apple Valley
651-338-0355
0 votes
Donald James, Agent, Edina, MN
Sat May 21, 2011
Hi Michael,
The short answer is buy! The Phoenix rent vs own ratio is 120% meaning rent is about 120% of owning (rent as a percentage of after-tax mortgage payment). Anything over 100 means it is cheaper to own than to rent. Selection is great, prices are down, finance is cheap. Take the few tax advantages we have left and buy. Want to see some AZ homes?
0 votes
BG, Home Buyer, Phoenix, AZ
Fri May 20, 2011
real rough number: for every $10K invested yield $100/month rent SFH ... top out around $1100/month... South-West area

nicer East, North East areas may yield a bit lower ROI.
0 votes
Patrick Howa…, Agent, Edina, MN
Fri May 20, 2011
Michael,

You can get a lot for your money in Arizona right now. I know a place in Scottsdale where you can get a 1 bedroom condo for $35,000 right now. It's a nice place too.

I have contacts down there if you want to talk to someone about it. Just let me know.
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