I own a 4 bedroom home in Tempe, AZ whose mortgage is $1,084/month. I put 5% down. This property could very easily rent for $1,500-$1,600 + utilities. Granted,

I own a 4 bedroom home in Tempe, AZ whose mortgage is $1,084/month. I put 5% down. This property could very easily rent for $1,500-$1,600 + utilities. Granted, its proximity to Arizona State University puts it in a different rental category altogether. If you have the means, buying a house and renting the spare rooms like I do can means you can potentially live completely rent free (each of my rooms goes for $425+utilities).