Continuing to rent? Check these stats out!
Phoenix Business Journal: “Maricopa County still is one of the best places to make a home purchase, according to new data from RealtyTrac combining stats from the U.S. Bureau of Labor Statistics and Department of Housing and Urban Development. Among counties with populations of 100,000 or more, Arizona is a better place to buy than rent. Rents are rising faster than wages, according to RealtyTrac’s compiled data. In Maricopa County, wages as a percent of median price home are still at 32 percent, while rents have risen to nearly 35 percent.”
Realtytrac: “Buying is more affordable than renting in 291 counties (58%) including counties in Chicago, Phoenix, Miami, the Inland Empire of Southern California, Las Vegas and Detroit.”
So, let’s take a look at some hypothetical payment scenarios. Of course, you will want to talk with your trusted lending professional as everyone’s financial situation varies sponsored by our friends at CNN Mortgage, Tiffany Taradash, 480-205-5390; [email protected].
Sales Price- $220,000
Down payment FHA 3.5% – $7,700
Total Mortgage Payment = $ 1,315
Sales Price- $315,000
Down payment Conventional 5%- $15,750
Total Mortgage Payment = $ 1,863
Written by Kathy Smith, Realtor, Phoenix Urban Spaces, 602-451-6600
Payment based on sales price of $220,000, FHA 3.5% down and $315,000 Conventional financing 5% down. PITI. APR 4.25%. LHM Financial Corporation, dba CNN Mortgage 7025 East Greenway Parkway Suite 100, Scottsdale, AZ 85254 NMLS# 148530 BK# 0901814, LO: NMLS# 208707.