Housing prices change. Rent prices change. Here in SoCal I was going to buy a place but the pandemic hit so we decided to rent.
Our rent payment is about half what we would pay if we bought. Just look at the last two places I rented:
Rent1: $2500/mo
Condo next door: $850k. That’s 4K mortgage and 1k HoA.
Rent2: $4100
Equivalent mortgage: $10k/mo
Doesn’t make sense to buy unless you are speculating on housing prices.
Our rent payment is about half what we would pay if we bought. Just look at the last two places I rented: Rent1: $2500/mo Condo next door: $850k. That’s 4K mortgage and 1k HoA.
Rent2: $4100 Equivalent mortgage: $10k/mo
Doesn’t make sense to buy unless you are speculating on housing prices.