Rent vs buy in Goodyear, AZ
In Goodyear, Arizona, typical rent is $1,698 /mo and a typical home costs $463,514.
Renting comes out ahead by $28k over 7 years
Using 20% down plus today's mortgage rate, we base this on Goodyear's typical rent and typical home value. The break-even point is year 11.
Clearly labelled opinion, with the math shown. Estimates, not quotes. Adjust any number and the stamp updates.
- Renting leads by
- $28k after 7 years
- Break-even point
- the 11th year when owning catches up
- Actual cost of owning
- Each month: $3,853 year 1, against $1,698 rent
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Is it cheaper to rent or buy in Goodyear?
Including what you get back when you sell, renting costs $27,558 less over 7 years. For the first 10 years, renting costs less. In year 11, owning catches up.
Rent. The owning option. Net cost to date, by year.
Goodyear: average rent compared with mortgage payment
Rent and mortgage payments don't cover the whole story. At Goodyear's typical price, these are all monthly costs in year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,698 | All of it, every month |
| Mortgage payment | $2,527 | $2,227 of it is interest in year 1 |
| Property tax | $209 | 0.54% of the value a year |
| Insurance | $84 | Census median for the city |
| Upkeep | $386 | 1% of the value a year |
| Owning, cash out | $3,206 | $300 of it builds equity |
| Lost return on the down payment | $753 | What cash would earn yearly at 8.3% |
| Buying costs, spread out | $193 | 3.5% of the price over 7 years |
| True cost of owning | $3,853 | Cash paid out, minus the equity share, plus the two lines above |
Goodyear verdict: the numbers behind it
- Typical home value, from Zillow data, ZHVI, September 2026
- $463,514
- Typical rent, from Zillow data, ZORI, September 2026
- Each month, $1,698
- A 20% down payment avoids private mortgage insurance, and the engine doesn't model that insurance.
- 20%
- Mortgage rate, from Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Price growth for homesFHFA house price index, Arizona, 1995 to 2025
- A yearly rate of 5.2%
- Rent growth, from 2006 to 2026, yearly CPI growth for rent of primary residence
- Each year: 3.5%
- Return on savings, from 1928 to 2025, rebalanced yearly, 60% S&P 500 with dividends, 40% 10-year Treasuries
- 8.3% each year
- Property tax, from Census ACS 2020-2024, Goodyear
- 0.54% of the home's value
- Home insurance, from Census ACS 2020-2024, Goodyear
- $84 per month
- MaintenanceFannie Mae, at the low end of the 1% to 4% range
- 1% of the value each year
- Buying costsFreddie Mac, 2% to 5% midpoint
- 3.5% of the price
- Selling costs Agent commission and closing costs
- 6% of the price
What would change the result in Goodyear?
Every line marks where the 7-year result for Goodyear changes. Everything else stays as it is.
Renting comes out ahead when
- We use 5.2%, Arizona's long-term rate, while home prices grow at under 5.9% a year.
- The mortgage rate remains higher than 6.18%.
- For a home like this, the monthly rent is less than $1,990 (typical here: $1,698).
- Your move happens before year 11.
Buying comes out ahead when
- Home prices rise at more than 5.9% a year.
- You lock in a mortgage rate under 6.18% (today's is 7.24%).
- You'd pay over $1,990 a month to rent that same home.
- You remain for 11 years or more.
How Goodyear compares with the other 812 cities
| Measure | Goodyear | Median city |
|---|---|---|
| Typical home value | $463,514 | $422,451 |
| Typical rent | $1,698 /mo | $1,837 /mo |
| Price-to-rent ratio | 22.7 (#213 of 813) | 18.5 |
| Home prices, last 10 years | 5.8% a year | 6.2% a year |
| Rents, last 5 years | 0.8% a year | 4% a year |
| Property tax | 0.54% | 0.87% |
| Households that rent | 22% | 42% |
Sources: Zillow data: ZHVI and ZORI, Census ACS 2020-2024.
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