It is much cheaper to buy a house than rent one in the Phoenix area, according to a new housing survey.
Buying in metro Phoenix is as much as 34 percent cheaper than renting a house, based on current home prices, rents, types of mortgages and interest rates. The comparison comes from home-buying website Trulia, but the data appears to be unbiased.
Falling interest rates over the past few weeks have made buying more affordable for most people. The average rate for a 30-year mortgage is 4.12 percent, according to Freddie Mac. That’s compares with 4.23 a month ago.
