Renting In San Diego Is Now Less Affordable Than Buying A Home

Renting In San Diego Is Now Less Affordable Than Buying A Home

A recent press release by Zillow showed that it has now become LESS affordable to rent than to buy, given available inventory. Another shocking statistic – renters now pay 29.5% of their income toward rent compared to the 15.3% home owners spend on their mortgage. Eye opening figures to say the least. 

Even more troubling is the fact that many renters fall in to the rental trap cycle where as rents rise, their ability to save for a mortgage is reduced, while at the same time interest rates and San Diego home prices continue to move up as well.

Housingwire recently reported that some analysts believe renters don’t consider buying a home based on the assumption that they need better credit or more savings for a down payment than they actually do.

Statistics that also dispel this myth include figures released by Freddie Mac that showed one in five borrowers took out conforming, conventional mortgages with 10% or less of a down payment in 2014 and that some conventional loans require as little as 5% down with only 3% out of pocket.

Bottom line: Before you shackle yourself to another rental agreement, ask a real estate agent to refer you to a reputable lender that can show you what your buying options.

Click here to go to our website where there are currently 268 properties in San Diego just reduced in price and available for less than the equivalent of $2,000 in monthly rent. 

Are you giving up the chance to buy a home in San Diego by renting? Get out of the rental trap before it's too late! 

Rebecca Team Conley Headshot
Phone: 858-342-9953
Dated: September 3rd 2014
Views: 468
About Rebecca: ...

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