Rent vs. Own difference by state

[Chuckanut]

For those of you looking at a post retirement move to another state here is an interesting article on the difference in costs between owning and renting in the various states.


How Much More It Costs to Buy Instead of Rent a Home in 21 Major Cities

[zinger1457]

Probably not an issue for most forum members but rental prices are becoming less affordable for many and its likely to get worse.

Study: Affordable housing 'crisis' will get worse | Washington Examiner

[hnzw_rui]

Quote:

Originally Posted by zinger1457 Probably not an issue for most forum members but rental prices are becoming less affordable for many and its likely to get worse. Study: Affordable housing 'crisis' will get worse | Washington Examiner

For my area:
Median House Price: $420K
Median Rent is $2.7K
Median Household Income: $50K

Can I just say real estate is incredibly overpriced here?

[tmm99]

Quote:

Originally Posted by hnzw_rui For my area: Median House Price: $420K Median Rent is $2.7K Median Household Income: $50K Can I just say real estate is incredibly overpriced here?

Yes, especially considering the median household income.


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[Aiming_4_55]

We relocated 2 years ago to the Southbay area of Los Angeles with school age kids. It's the 3 - 5 year plan of trying something new from the Midwest.

We've been renting and wanted to buy, but our window is shorter now and almost not worth buying with the possibility of pulling the plug in 3-4 years. Broker commission to sell a $800-900k home could be $50k plus the unknown. First time renting in over 20 years.

[hnzw_rui]

Quote:

Originally Posted by tmm99 Yes, especially considering the median household income.

I ran the "Are you a gentrifier?" calculator I found in a finance article and with how expensive houses are here, (min ~$600K for SFH 2B/2B in 2015), I was expecting to see median income of like $150+K or something. I was pretty surprised to see median income so low. I guess people living here all bought property before they became so overpriced since property taxes are just $2-3K on average.