Home prices in Arizona have increased at such incredibly rates that many renters think they can’t possibly afford to buy a home. When renters look at the price of the average home, and then look at the monthly mortgage payment, it’s only natural to think that it makes more sense to stay in a rental apartment or home.

But what if you found out that you are actually spending more money on rent than you would on a mortgage? Wouldn’t you want to find out how you could own your own home and save money?

First, before you say there aren’t any more affordable homes in Arizona, consider the town of Gilbert. Gilbert is one of the most affordable communities bordering Phoenix. It’s a rapidly growing city with lots of new homes, condominiums, town homes and resales of older homes. Home prices in Gilbert are still very affordable. In fact, it’s possible to find a home in Gilbert for less than your rent.

Feeling a little skeptical? Take some time to consider the following:

* You can deduct your mortgage interest from your yearly income taxes. Each year, you probably have thousands of dollars deducted from our pay check – money you don’t get back. Most people save so much money on taxes, that it makes home ownership affordable. In fact, home owners end up paying 20% to 40% less than they did when they were paying rent. You don’t have to wait until the end of the year for tax relief, you can change the amount of your tax withdraw each month.

* When you stay renting a home, you are throwing away your money, instead of investing it. Real estate is an investment, is probably the number one way people save money. Think about the remarkable growth in the real estate market. If you buy a home for $200,000 and sell it in five years for $300,000, you’ve made a $100,000 from your investment.

Increasing home prices are a great opportunity, but they can also be a challenge if you decide to wait to purchase. Although Gilbert remains one of the most affordable areas of the metropolitan Phoenix area, prices keep slowly rising. The longer you wait, the more you’ll have to pay for a home. And, if you wait too long, you may not be able to afford to buy.

While you might not realize it, choosing to rent is costing you a lot more money than paying for a mortgage. You are missing on an opportunity to invest in your future. Homes in Gilbert are incredibly affordable, and there’s no better time to turn your rent into an investment that will pay off over your lifetime.

Reg Gustin is a senior loan officer with Sun American Mortgage and specializes in helping families and their financial lending needs. Get a FREE mortgage rate quote from a reputable Arizona mortgage company at Central Arizona Homes. Search the Arizona MLS at Central Arizona Homes Click here and get a FREE copy of The Greater Phoenix Area Housing Appreciation Report, as compiled by Arizona State University with your free subscription to his monthly ezine, MARKET NEWS. Article Source: http://EzineArticles.com/?expert=Reg_Gustin