How do I compare the real cost of buying vs renting in Phoenix?

Comparing buying versus renting requires looking at more than just monthly payment versus monthly rent. When buying, consider your mortgage payment including principal and interest, property taxes, homeowner's insurance, HOA fees, and any CFD or SAID assessments. Add estimated maintenance and repairs, which vary by home age and condition. Factor in your down payment and closing costs, and what that money could earn if invested elsewhere. When renting, include renters insurance and any fees, but note you avoid maintenance costs and property tax increases. Ownership builds equity and offers tax deductions and stability, while renting provides flexibility. Your break even point depends on how long you plan to stay, price appreciation, and your specific costs in each scenario.