Should You Rent or Own in Arizona?

Owning a home for the first time is one of the most exciting moments in a young person's life. With average home price on the rise though, many select to rent, either a house or apartment, to lighten the load on their paycheck.

Arizona has always been known for its affordable housing prices, so let's take a look at how Arizonans are keeping a roof over their head.

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Renting

Renting an apartment, townhouse, or house is the favored option amongst recent graduates, looking to get out of their parent's home and start a life all their own.

This is the less chosen route for most Arizona residents, however. Only 32.6% of Arizonans or around 928,000 people rent in the state, a little over 3% over the national average.

The average monthly rent in the state is $1,450, which is about $122 more than the national average.

Owning

Owning your home is one of the biggest freedoms in the United States. It gives you full control over your property, and once the mortgage has been paid in full, it is officially yours.

There is a much larger number of homeowners in Arizona than renters, which makes the most sense given the state's strong job market and lower housing costs. 67.4% of the Arizona population owns their home, or about 1.92 Million people. This is a bit over 2% more than the national average of 65.5% home ownership.

The average mortgage payment for Arizona homeowners is $1,616 per month, over $1,000 less than the U.S. average of $2,883.

Looking at everything we have, it makes complete sense that more residents in Arizona own, as the average monthly payment is only around $200 extra, which many would add to their checkbook if it meant eventually owning a home outright.