Is it time to start thinking about owning a home? Shelter-seekers in Northern California often choose to rent, but there is some debate about whether or not renting is actually the best financial option. Spoiler Alert: Real estate professionals tend to think buying is the answer. Here are a few places where you can follow the discussion, look at the numbers, and decide for yourself if renting or buying is the right choice for you.
According to “You’re Making Your Landlord Rich” by David Cross, California renters tend to spend more each month than homeowners. To bring it even closer to home, he reports that “Alameda County renters pay an additional $332/month.”
“I left my heart in San Francisco…As I Move to the East Bay”– Trulia makes the case that buying in the East Bay will get you the best deal if you are switching from renting to buying in the Bay Area.
Try the New York Times buy or rent calculator to help you crunch the numbers.