Rent vs buy in Peoria, AZ

For Peoria, Arizona, typical rent is $1,851 /mo and a typical home costs $480,440.

Rent

Renting comes out ahead by $17k over 7 years

With Peoria's typical rent and home value included, the calculation uses 20% down and today's mortgage rate. The break-even point is year 9.

A clearly labeled opinion with the math shown. These figures are estimates, not quotes. The stamp changes whenever a number changes.

Ahead with renting: $17k
Break-even point: year 9
Actual cost of owning: $3,962 /mo

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The stamp takes its starting point from the typical rent and home value for Peoria's market. Change your rent, price or years and the result can flip.

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Is it cheaper to rent or buy in Peoria?

Across 7 years, renting costs $17,057 less, including the money you get back when you sell. For the first 8 years, renting costs less. In year 9, owning catches up.

Renting. Owning. Net cost to date, year by year.

Average Peoria rent compared with mortgage payment

Rent and the mortgage don't tell the whole story, so here are all monthly costs at Peoria's typical price for year 1.

Each month, year 1	Amount	What it is
Rent	$1,851	All of it, every month
Mortgage payment	$2,619	$2,309 of it is interest in year 1
Property tax	$188	0.47% of the value a year
Insurance	$84	Census median for the city
Upkeep	$400	1% of the value a year
Owning, cash out	$3,292	$311 of it builds equity
Lost return on the down payment	$781	Annual return the cash would earn at 8.3%
Buying costs, spread out	$200	3.5% of the price over 7 years
True cost of owning	$3,962	Cash paid, minus the equity portion, plus the two amounts listed above

The figures behind Peoria's result

Typical home valueZillow ZHVI, September 2026: $480,440
Typical rentZillow ZORI, September 2026: $1,851 /mo
Down payment20% avoids private mortgage insurance, which the engine does not model: 20%
Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US): 7.24%
Home price growthFHFA house price index, Arizona, 1995 to 2025: 5.2% a year
Rent growthCPI rent of primary residence, yearly growth 2006 to 2026: 3.5% a year
Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025: 8.3% a year
Property taxCensus ACS 2020-2024, Peoria: 0.47% of value
Home insuranceCensus ACS 2020-2024, Peoria: $84 /mo
MaintenanceFannie Mae, low end of 1% to 4%: 1% of value a year
Buying costsFreddie Mac, middle of 2% to 5%: 3.5% of price
Selling costsAgent commission plus closing costs: 6% of price

What could change Peoria's result?

Each line marks the point where Peoria's 7-year verdict changes, while every other factor remains as it is.

Renting is ahead when

Home prices grow by under 5.6% each year, and we use 5.2%, Arizona's rate over the long run.
The mortgage rate remains above 6.61%.
A similar home rents for under $2,030 a month, compared with the typical $1,851 here.
Before year 9, you move.

Buying comes out ahead when

Home prices rise by more than 5.6% a year.
A mortgage rate below 6.61% is what you lock in, while today's rate sits at 7.24%.
If you rented the same home, you'd pay more than $2,030 monthly.
You remain for 9 years or longer.

How Peoria compares with the other 812 cities

Measure	Peoria	Median city
Typical home value	$480,440	$422,451
Typical rent	$1,851 /mo	$1,837 /mo
Price-to-rent ratio	21.6 (#259 of 813)	18.5
Home prices, last 10 years	6.2% a year	6.2% a year
Rents, last 5 years	1.1% a year	4% a year
Property tax	0.47%	0.87%
Households that rent	24%	42%

Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.

More cities in Arizona

Rent. AZ: Phoenix. renting wins by $14k.
Rent. AZ: Glendale. renting wins by $17k.
Buy. AZ: Surprise. buying wins by $18k.

Arizona rent vs buy numbers