Renting in Phoenix costs $1,116 less per month than buying
Across 50 major metros, renting costs less than buying, according to the Realtor.com Monthly Rental Report. Phoenix ranks number nine for savings, with a starter home payment hitting $2,708 and a median month rent cost of $1,592. With housing still so unaffordable and development lagging demand, demand for rentals will stay strong and rents will continue to rise. The cost to buy a home rose 37.4 percent nationally in December—10 times faster than increase in rent—which was a major reason for the wide gap between renting and buying.