Phoenix Homeowners: Should You Sell or Rent Your Property?
Thinking about moving but not sure whether to sell or rent out your Phoenix home?
You're not alone. With Phoenix's rapid appreciation over the past few years, many homeowners face a tough decision: their mortgage payments are often higher than current rental rates but selling means giving up a valuable asset.
As a Phoenix real estate specialist who's helped hundreds of homeowners navigate this exact situation, I'll help you analyze both options and make the best financial decision for your future.
The Current Reality for Maricopa County:
- Average home value: $450,000
- Average rent: $2,400/month
- Many mortgages exceed rental income potential
- But your home is still a valuable long-term asset
When Selling Makes Sense:
✅ Your mortgage is significantly higher than rental income
✅ You need the equity for your next home purchase
✅ You don't want landlord responsibilities
✅ The property needs major repairs you can't afford
✅ You're relocating far from Phoenix
Example Scenario: Your mortgage: $3,200/month
Potential rent: $2,400/month
Monthly loss: $800
Solution: Sell and use equity for your next investment
When Keeping as Rental Makes Sense:
✅ You can cover the monthly shortfall temporarily
✅ You bought before 2020 (lower mortgage payments)
✅ The property is in a high-appreciation area
✅ You want to build long-term wealth
✅ Tax benefits offset the monthly loss
Example Scenario: Your mortgage: $2,800/month
Potential rent: $2,400/month
Monthly shortfall: $400
Tax benefits + appreciation: Worth keeping