Buying vs. Renting
Currently the market in the Greater Phoenix area is a sellers market; the demand is high, the supply is low, but the interest rates are also great for buyers. Tempe specifically, the central hub of Arizona State University, has been teetering between in favor of sellers and buyers this summer more than other cities. When buying a home in a college town, most often it is an investment. You buy for yourself or your child to live in for the duration of the college years, and then have the opportunity to rent out to college students in the future. This currently is the best way to go. With the average monthly rent up 42% since 2006, and the average purchase price down 9% since 2006, you can purchase a house for lower than what your return rate will be. Being centrally located in Tempe is key if you are buying for a college student or buying to rent out to college students.