The past couple weeks I have written several posts about homes for sale in a variety of neighborhoods around the University of Arizona in Tucson.
The question of the "posts" has been - is it cheaper to buy than rent and what does it cost to rent a home near the University?
Here is the answer: it costs a lot to rent!
As of today - here are the statistics that takes into account units that are a minimum two bedroom/two bath:
Number of units available in the University area for rent (zip codes 75705, 85716, 85712 only) - 193
Number of units that are at least a 2/2: 94
The highest rent amount? $ 4,500 for a single family residence
The lowest rent amount for an apartment dwelling? $500
Average rent amount that includes only condos, townhomes and SFR - $1,428.00
Now the big question - is it cheaper to buy? Well, let's do some quick math based on an average home in the UA area that costs $150,000.
With only the minimum down and depending on your credit and other factors - an average monthly mortgage payment is between $800 and $920 a month.
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .