Having to rent or buy a home in Arizona is dependent on several factors; However, a major pointer is how long you plan to stay. The state of Arizona is a beautiful combination of the cool mountain air in the north and the charming palm treelined street in the south.
It is popular for multiple sightseeing locations like the great canyon, adventures like skiing or snowboarding. It has one of the best locations for several rounds of golf.
With a booming employment market, five major league sports teams, professional performing arts shows, and the availability of several homes befitting any budget, the state of Arizona is known to be one of the fastest-growing places in the United States.
If you’re planning to move to Arizona, the choice to rent or buy a home will be on your mind. It could be tricky since the idea of owing a property is a way of building wealth, but is it?
The period of stay is also a factor in deciding whether to rent or buy a home in Arizona. If you plan to spend five years or less, it is advisable to rent instead of buying.
Costs like insurance, property taxes, maintenance costs, realtor fees, and commissions are too many expenses for buying a house in Arizona and living in it for a short period.
There are also cases of job losses, the dwindling GDP in the US, low supply in the housing market, increasing cost of living, and the high mortgages that all affect buying a home.
The buy and rent calculator can be used to calculate whether it’s right for the short term or the long term. The uncertainty of the Macroeconomic is still the issue to battle with.
With the hope of a stable vaccine and the economy’s volatility, many people are on edge, and survival is their focus.
If you have the financial resources big enough to get a new home, by all means, venture into it. Buying a home is a form of investment. Some people end up flipping and reselling, renting it out, or even going into investment properties
Since the pandemic and the unstable fluctuation of the economy, home prices have been higher than rent and are still rising, most especially in a bubbling state like Arizona.
So, those who choose to rent will save more from 2021 to 2022, and if all goes well with the vaccine and the economy strengthen back to a more stable form, buying your dream house at a good price can still be possible.
But why do people with a lot of money still rent houses? It is not 100% certain why they do it. In some cases, they travel a lot or are usually on the move. Some people don’t consider it due to how high home prices are.
The rental market in the year 2021 would be having its changes. This means an increase from rent prices to building equity to increase bills; because so many people are opting into the rental market.
Investors will forever buy properties even in the volatile economy. They plan to rent it out on high prices to make profit. These investors are responsible for the booming rental market.
They receive capital gains, income-earning benefits, and tax benefits. If you have the financial capability, it could be a good investment for a home-buyer.
America is a renting Nation, and Arizona is one of the strongholds for renting homes, but if you’re still uncertain, do not buy a home for investment except you plan to rent it.