Is it better to rent or buy in Arizona

If you’re relocating to Arizona, there are a few fundamental questions you should ask yourself. Once you’ve done this, the whole situation should be much easier to manage. A question you cannot skip is whether you’re looking to rent or buy in Arizona. Of course, as with anything else, both sides have their perks and flaws. Most people in this conundrum are new to the moving scene and have very little to no experience. This is why it’s essential to do your research and find what suits you best.

Questions to ask yourself before you rent or buy in Arizona

You need to ask yourself many questions before you get to the part where you’ll look for apartments or houses in Arizona to rent or buy. Of course, objectively speaking, there’s no wrong option. Considering your personal circumstances and needs will help you determine what the right choice is for you. Here are some of the most crucial factors to take into account.

How long do you plan to reside here?

If you don’t plan on living here for the longest time, the choice is quite simple. There’s no reason to buy a home in Arizona if you don’t plan on sticking around. Renting is the obvious choice here. If you go the other route, you’ll have many more costs to think about. Also, a significant risk lies in having to sell your home later on, especially if you’re in a rush. Chances are, you won’t be able to get a full return on your investment.

Do you relocate often?

Your lifestyle might be one of the most important things that’ll help you determine whether to rent or buy in Arizona. If your job requires you to move around a lot, it’s better to rent a place. This way, you won’t lose the flexibility that your job demands. However, you can always look for a place to purchase if your situation changes in the future. Simply put, renting a home is a much less permanent decision, and it allows you to make changes whenever and however you need to.

Consider your budget

Depending on both your personal finances as well as the rates that houses go for in the area you’re exploring, you’ll decide to either buy or rent in Arizona. Here are some factors you need to consider before opting for either one:

  • Your salary, savings, as well as any debt
  • Down payment and mortgage rates
  • Living expenses 
  • Some recurring costs (like taxes)
  • Is the market thriving, or are the homes losing value
  • The condition of the home you’re looking at (if you need to spend a lot of money improving your home before you can move in)

Once you gather all this info, it’s highly advisable to seek help from finance professionals who are experienced in deducing what the smart move is in situations like yours. Don’t rush into anything.

Arizona has become popular in the recent years

For the longest time, Arizona was considered relatively cheap when it comes to living costs. However, this has changed over the past decade or so. There’s been an increase of 6.8% in rental prices, which is much higher than the national average. Some of the reasons for this growth are that new construction is limited, employment rates are stronger than ever, and rental vacancies are low.

Whether you’re looking to rent or buy in Arizona, it’s become one of the top destinations. People are steadily moving here. Especially compared to the surrounding areas, Arizona has much more reasonable prices with nearly equal opportunities.

Inbound migrations

If you already live in Arizona, moving to another part could open your horizons and help you grow. Luckily, Arizona offers plenty of opportunities no matter where you end up. The great weather, amazing views, and excellent economy make Arizona a fantastic place for inbound migrations. Since it’s one of the most popular states for this type of relocating, all you have to do is point a finger and head over there.

Pros of renting

  • You don’t have to do in-depth research
    If you’re renting a place, you don’t have to pay as much attention to the current state of the real estate market. The value of the home you’re moving into doesn’t play any role in your personal finances. Another thing that makes renting better than buying in Arizona is that you won’t have to be afraid of the future state of your property. You won’t have to go through any home inspections before moving in.
  • You don’t have to worry about qualifications
    If you’re renting a home in Arizona instead of buying it, you won’t have to do as much to qualify for it. You’ll have to have proof of having a job with a steady and reliable income, adequate credit, no prior history of evictions, and no prior criminal history. Most landlords also demand a security deposit. Compared to purchasing a home, this is a piece of cake.
  • Maintenance and insurance aren’t your concern
    Typically, the landlord will cover both of these things since it’s their home. Of course, all of this needs to be stated in the agreement you’ll sign before moving in.

Pros of buying

  • You have the space and freedom to do whatever
    Owning a home instead of renting one in Arizona will give you a sense of freedom that you wouldn’t have otherwise had. You can personalize it and furnish it however you deem fit. There’s something strangely invigorating in not having to ask a landlord for permission every step of the way.
  • Security and stability
    If you decide to purchase a place, you’ll have a secure roof over your head that no one can take away. It’s your safe haven. Homeownership often provides a great feeling of comfort and safety which has no price. You’ll also be able to make memories with your family and get attached to this home without being afraid that you’ll have to give it up.
  • You’ll enjoy tax benefits
    In addition to all these pros, you’ll have plenty of tax advantages if you buy instead of renting in Arizona.

Make the decision

Whether you decide to rent or buy in Arizona, the decision has to be yours and yours alone. Don’t let someone else decide. Of course, you can ask for advice and any help along the way. However, while it’s wise and necessary to include all the objective and rational factors into this decision, you should also follow your gut. It’s the only way you’ll be pleased with the final result.