It is surprising that even with the sustained rise in home prices over the last couple of years, buying a home can be noticeably less expensive than renting one in the Bay Area.
There was a recent study done that determined buying is 13% cheaper than renting a comparable home in the San Francisco Marin, and San Mateo counties. It jumps to 24% when you consider areas such as the Oakland area, which includes Alameda and Contra Costa counties.
Trulia does not see this picture changing significantly any time soon. They predict a possible 2% decrease in the San Francisco housing market and 5.5% in the Oakland market.
But homeownership is much more than a comparison of mortgages vs. rents. In a study done by the California Association of Realtors, close to 75% of renters ranked homeownership as “important”. Out of the group of renters surveyed, 44% said they were renting for financial reasons. They regret the lack of equity building and the uncertainty of their monthly rental budget.
If you would like to cross over from “Renter” to “Owner”, but find yourself renting because you have credit issues, Sun Pacific Mortgage is here for you. Our investors are more concerned with your ability to make your payments and the value of the property than in a credit score number, unlike traditional lending institutions.
If you would like to change your status from “Renter” to “Owner”, give us a call at 707-523-2099.