Rent vs Buy in Prescott, AZ
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Prescott, AZ
Price-to-rent ratio is 45.6 (under 15 favors buying, over 21 favors renting). Renting costs $1,103/mo; owning runs about $4,501/mo — $3,398/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $3,194 |
| Property tax | $553 |
| Home insurance | $251 |
| Maintenance | $503 |
| Total to own | $4,501 |
| Average 2BR rent | $1,103 |
Based on a median home value of $603,126 with a $120,625 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.