PHOENIX - A new study by a real estate analyst group says it's better to buy a home in Arizona instead of rent.
The study, by Attom Data Solutions, shows rent and mortgage costs for an average home and apartment are nearly the same. Because of that, Attom says it makes more sense to pay that money toward building equity in a home.
And real estate analysts said Phoenix is mostly still a seller's market.
"I'm seeing pretty strong demand for purchased homes," real estate agent Mike Orr said. "I wouldn't say it was exceptional because many people fall at one of the hurdles."
Orr said it's still not as easy to qualify for a home loan as it once was, but he said those restrictions are easing.
"It just depends on where you are and the price range," Realtor Sam Miller said. "Under $300,000 or even under $200,000, it's a seller's market."
Meanwhile, Orr said permits for multi-family housing units are at near-record highs. He said the demand for rental properties has outpaced the supply of apartments for years and Phoenix is just now starting to make up the difference.
"[But] if you're staying in place for longer than three years, I generally advise people consider very seriously whether they can buy," Orr said.