Buying A Home In L.A. Is About 30% Less Expensive Than Renting!
Recent statistics show, buying a home in Los Angeles is about 30% less expensive than renting.
According to Trulia; "Home prices have started to rebound and have risen by 2.3% year over year in August (3.8% excluding foreclosures); however, rents have risen more (4.7%). This means that prices are lower relative to rents than they were a year ago. But more importantly, mortgage rates have fallen: the best rates this summer have been around 3.5%, while last summer rates were closer to 4.5%.Based on asking prices and rents during the summer of 2012, buying is now about 30% cheaper than renting in the Los Angeles metro area, on average – that’s a savings of $630 a month.
If you plan to stay in a home for 7 years, which is the average time that Americans traditionally live in a home before moving again, it is more affordable to buy than to rent in ALL of the 100 largest metros in the U.S." Trulia statistics In the greater Los Angeles metro area, show a mortgage average of $1,379 vs the rent average of $2,020 meaning a $641 a month savings of about 32%.
In premium areas, like West Hollywood, where one can pay between $1,800 - $2,500 for a 1 bedroom rental, you are able to own that one bedroom condo for somewhere between $300,000 - $400,000 depending on your homeowners dues. These figures vary based on down payment and interest rates but still show that buying is now a better option then renting.
The West Hollywood condo inventory has slimmed down a bit, but there are still very many opportunities to be had. To take a look at condos for sale in West Hollywood, visit our website here - West Hollywood Condos & Lofts For Sale.
The situation is similar in Downtown L.A.. This market is seeing properties selling faster then they have in almost 5 years. To take a look at condos & lofts for sale in Downtown L.A., Visit our website here - Downtown L.A. Condos & Lofts For Sale.
To learn more about opportunities in other parts of Los Angeles, visit TopLAHouses.com
According to Trulia; "Home prices have started to rebound and have risen by 2.3% year over year in August (3.8% excluding foreclosures); however, rents have risen more (4.7%). This means that prices are lower relative to rents than they were a year ago. But more importantly, mortgage rates have fallen: the best rates this summer have been around 3.5%, while last summer rates were closer to 4.5%.Based on asking prices and rents during the summer of 2012, buying is now about 30% cheaper than renting in the Los Angeles metro area, on average – that’s a savings of $630 a month.
If you plan to stay in a home for 7 years, which is the average time that Americans traditionally live in a home before moving again, it is more affordable to buy than to rent in ALL of the 100 largest metros in the U.S." Trulia statistics In the greater Los Angeles metro area, show a mortgage average of $1,379 vs the rent average of $2,020 meaning a $641 a month savings of about 32%.
In premium areas, like West Hollywood, where one can pay between $1,800 - $2,500 for a 1 bedroom rental, you are able to own that one bedroom condo for somewhere between $300,000 - $400,000 depending on your homeowners dues. These figures vary based on down payment and interest rates but still show that buying is now a better option then renting.
The West Hollywood condo inventory has slimmed down a bit, but there are still very many opportunities to be had. To take a look at condos for sale in West Hollywood, visit our website here - West Hollywood Condos & Lofts For Sale.
The situation is similar in Downtown L.A.. This market is seeing properties selling faster then they have in almost 5 years. To take a look at condos & lofts for sale in Downtown L.A., Visit our website here - Downtown L.A. Condos & Lofts For Sale.
To learn more about opportunities in other parts of Los Angeles, visit TopLAHouses.com
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