The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: renovator who wrote (25455)	11/28/2004 10:19:31 AM
From: Amy J	Read Replies (2) of 306849

" ...from a North County San Diego resident...I've never lived in a situation like the one that exists right now. Rents are very tight up until about $2000/mo. But from $2000/mo & up you progressively get a more and more elaborate house by renting than by paying a mortgage (and property taxes). We presently rent a home in Carlsbad for $2800/mo including utilities & maintenance. This home would sell for $1.5 million. If you were to put 20% down and have a $1.3 million mortgage, the payments would be over $5000/mo plus property taxes. And even with a tax deduction from the mortgage interest the net costs (including utilities & maintenance) would be over $4500/mo. I've never seen such a spread between what it costs to rent a specific home as compared to buying that same home. And as you get to more expensive homes, the spread gets larger and larger." piggington.com

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