Is it cheaper to rent or buy in Phoenix?

It is generally more affordable to rent than to buy in the Phoenix area right now. The typical home lists for $489,500. There is no information available to allow for direct comparison of costs of renting versus owning, but homes are still quite expensive. The median listing price for homes in Phoenix is $489,500. This price has gone down by 1.7% in the most recent month and is 5.9% lower compared to this time last year. There are 18,728 homes actively listed for sale. This number is 3.4% lower than last year, suggesting fewer options for buyers. Homes are staying on the market for an average of 64 days, which is about the same as last year. The average price per square foot in Phoenix is currently $269. This is 2.0% less than it was over the past year. Also, about 28.7% of homes have lowered their prices, which is 4.4% fewer than last year. For those thinking about moving to Phoenix, renting might be a more budget-friendly option to consider right now, given the current home listing prices.