$1000 for a 1400 sqft. I thought there were no such places in CA anymore 🙂
Low interest rate is the key in current market. In the area I’m looking at (I-15) buying is almost always cheaper than rent in sub 350K – which is why it’s so hot. It might make sense up to 430K I think.
Scripps 1100 sqft condo = $1900 rent or 350K listing.
350K = $1800 + property tax – tax deductible = less than $1900 (roughly calculating)
When I look at over $500K, there seems to be much better inventory situation. Which makes me wonder after 4 month of search. Should I rather buy 500K now, or should I just rent for a year or two more? My initial target was buying a 3 bedroom condo for under 400K that has low monthly fee, but I have all but given up my hope in this.
I think you’ll be safe buying as long as you can rent it out easily if you need to. But I think these areas are already multiple bid situation IMO though.
