Rent vs Buy Calculator — Phoenix, AZ
Prefilled with Phoenix estimates: a ~$450,000 home (about $90,000 for 20% down) versus ~$1,900/mo rent. Arizona's effective property tax of 0.63% — near the U.S. average (~1.1%) — adds roughly $2,835/yr, and typical homeowners insurance runs about $2,700/yr. Adjust every field to your actual home below.
Is it better to rent or buy in Phoenix?
There's no universal answer — it hinges on how long you'll stay, what you'd earn investing the down payment instead, and Arizona's tax and insurance costs. Property tax is the biggest local lever: at 0.63% on a $450,000 home that's about $2,835 every year, before insurance and maintenance. Use the break-even readout above to see the year buying pulls ahead, and the appreciation rate that flips the decision.
What makes Phoenix, AZ different
- Median home price estimate: $450,000
- Typical monthly rent estimate: $1,900
- Arizona effective property tax: 0.63% (~$2,835/yr here)
- Arizona avg. homeowners insurance: $2,700/yr
Starting estimates as of 2026-01 — see the methodology & sources.