Why buy when renting is cheaper San Diego home
George Lorimer
Monday, February 10, 2025
Why would someone want to buy a home when renting is so much cheaper?
Call or text George at 619-846-1244 to get this worksheet for your rent and price range.In this scenario, $5000/mo rent versus $7200/mo mortgage means you will pay $2200 - $3200/mo more (w/ prop taxes) to buy rather than rent.
This is a long term play, you are planing on living here for 3+ years. We assume house values increase by 5%/year, as they have averaged in the last 40 years here in SD.
Rents are assumed to increase by 2.5%/mo.
The bottom line is that after a couple of years, the equity will increase by $100K+ from appreciation and loan buydown. Also, the extra payment will not be as much impacted because you are keeping more of your salary because of mortgage and property tax deductions.
All of these are assumptions and not guaranteed. Please check with your tax professional. Goerge Lroiemr, ProWest Properties, DRE# 01146839, 619.846-1244.
We would like to hear from you! If you have any questions, please do not hesitate to contact us. We are always looking forward to hearing from you! We will do our best to reply to you within 24 hours !