Phoenix, AZ variant. This is a Phoenix, AZ-specific version of the Rent vs Buy Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Rent vs Buy Calculator.
In Phoenix, renting costs about $1,750/month while owning the $445,000 median home runs roughly $2,599/month all-in - the gap drives the rent-vs-buy decision.
Rent vs. buy in Phoenix
Owning includes P&I (≈ $2,250), property tax (≈ $219), and insurance - about $2,599/month before maintenance, versus $1,750 to rent.
Buying wins when you stay long enough to amortize the $89,000 down payment and closing costs, and when appreciation plus equity outpace the rent you'd otherwise pay.
About Phoenix, AZ
Phoenix has no city income tax, and residents pay only Arizona state income tax on their earnings.
Phoenix has seen rapid growth in home prices and rents as a fast-growing Sun Belt city attracting new residents and businesses.
Phoenix is one of the fastest-growing major metros in the country, with expanding technology, healthcare, and manufacturing sectors.
Worked example: monthly comparison
Own ≈ $2,599/mo vs. rent $1,750/mo - a $849 premium to own. Factor in the $89,000 down payment and expected years in the home.
Quick reference
- Median home value: $445,000
- Median rent: $1,750/mo
- Median household income: $72,092
- Local sales tax: 8.6%
- Effective property tax rate: 0.59%
- Cost of living index: 109 (US avg = 100)
Frequently Asked Questions
Is it better to rent or buy in Phoenix?
Owning runs ≈ $2,599/month vs. $1,750 to rent. Buying favors longer stays that recover the $89,000 down payment and closing costs.
What's the median rent in Phoenix?
About $1,750 per month.