Trading rent for mortgage buys less than 1,000 square feet in these 4 Arizona cities

Sourced By: AZ Big Media 

While owning a home is priceless, buying one is definitely not. Renters who are interested in trading rent for mortgage to become homeowners seem to be stuck between a rock and a hard place when it comes to budgeting for homebuying.

According to a recent study focusing on the cities where renters could get the most and least space if they were to swap their average rent for a mortgage, renters who bought a home and paid a mortgage equal to their current rent would secure less than 1,000 square feet in 63 large U.S. cities.

In Arizona, renters face some of the highest average monthly rents in the nation, but also mid-range to high prices per square foot. That’s why aspiring homebuyers who would like to trade their monthly rent for a monthly mortgage of the same amount (complete with property taxes and homeowners’ insurance) would get less than 1,000 square feet of living space in four of the state’s largest cities: Mesa, Phoenix, Tucson and Scottsdale.

Glendale, Chandler and Gilbert are the exceptions: Making the switch to homeownership here could, in theory, secure the most living space.

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