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2011-08-04 10:27:05
Renting vs. Buying in San Diego

Is is more affordable to buy a home or to rent a home? This data provided by C.A.R. shows the data on renting verses purchasing a residential property. 

Renting Versus Buying Buying Median Priced Home in 2011


Mortgage Payment vs Rent

Buying Median Priced Home


$1,240 plus taxes and insurance $350 + $20 = $1,590

Renting a  3Bdr/2Ba  Apartment 

$1,790Taxes & Insurance = $1,810 


Out-of-Pocket Cost Savings of Buying 

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 

Homebuyer Monthly Savings = $220 Homebuyer Annual Savings = $2,640 

Homebuyer 5-Year Savings = $13,200 

Assumes a 20% downpayment, a 30-yr FRM of 4.62%, and all pmts/costs remain constant

http://www.car.org/3550/pdf/econpdfs/rentvsbuy2011.graph3.pdf

To search for median priced homes




 
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