Over the past half-century or so, Phoenix has grown on the backs of affordable single-family homes. Turns out, the Valley of the Sun is a pretty good spot even if you’e just renting.
According to a recent ranking by Forbes, Phoenix cracked the top 10 for most affordable places to rent. With an average monthly rent of $823, Phoenix tied for eighth most affordable city for renters. That $823 a month average looks great compared with the region’s average mortgage payment of $1,114, according to Forbes.
To determine the rankings, the financial publication took a look at the 50 largest metropolitan regions and calculated the average cost of monthly rent and compared it to the average monthly mortgage payment, as well as the percentage increase in rent per year and median household income.