if you're open to buy a little farther from campus (~5-7 minutes on the Loop 101) you can BUY a nice 2 bedroom condo in North Phoenix / Deer Valley for ~60K. EDIT- Mom just told me there are some 1 br for 37K! North Phoenix is very suburan-ish but you can get a good deal on a house there. I know a MWU OD student who got one for 70K. Houses in North Glendale / Arrowhead Ranch where the school is are a bit more expensive, but can be had for under 200K, condos for 110K. This is a great deal considering that in 2005 and 2006 these homes were selling for 500K+. In AZ there are PLENTY of shortsale and foreclosure homes that can be had very cheaply if you're willing to deal with the red tape.
"Downtown"-ish areas that are easily accessible to school via the Loop 101 within ~20 minutes you may want to consider include Scottsdale and Westgate. Keep in mind that although Phoenix has an actual downtown, it is not as lively as other urban centers, and is a half hour drive from MWU. Tempe is by far the liveliest urban-ish place but that is 45 minutes away and filled with crazy ASU students. Westgate is much newer and cheaper, and is the location of many restaurants, sporting venues, and shopping. It is often referred to as the "Times Square of the Desert". I dont know of many condos in that area, but homes in Westgate can be had even cheaper than in North Glendale / Arrowhead area. Scottsdale, is more expensive, but is a world reknown town for shopping, golfing, spas, culture, etc. The new spring training facility is also opening there soon. A decent condo here is upwards of ~100K, and homes 300-400K and higher.
Point is that if you play your cards right, in AZ monthly mortgage payments for some condos may actually be cheaper or the same price as monthly rent! I've lived in Arrowhead Ranch for 14 years, 2 miles from campus and know my Valley extremely well. My mother has also been a Realtor in the Valley for 8 years and can point you in the right direction and even provide more accurate figures/actual MLS listings if you are considering buying. If you are interested, PM me, and I can provide her contact info.