Rent vs Buy Calculator gives Home Buyers an economic breakdown of buying a home in the current Los Angeles and Orange County Real Estate Market.
Owning will save you $11,980 compared to renting over the 7 years, in today’s dollars. Regarding ownership for the 7 years Total tax savings $6,088 Total maintenance $4,900 Selling price $154,169 Equity $55,201 Selling costs $15,417
There has never been a better time to buy a home in Los Angeles with interest rates at an all time low, making this an opportunity of a life time to lock in a 30 year fixed rate loan. Home affordability levels display that in fact it is cheaper to buy a home versus Renting now in certain parts of the country. Los Angeles homes for Sale are affordable in most parts of the county mainly because home values were negatively impacted on a large scale and drove thousands of home owners in to foreclosure and short sales. Now renting is in high demand because many families were uprooted and must now rent, driving demand up!