A mid 1970s 3bed/2bath 1500sq-ft house with 5000+sq-ft lot in Mira Mesa around 96-97 go for about $170k. The mortgage rate around that time was around 9%. That would mean monthly P+I = $1100/month. A 2bedroom/2bath apartment in Summerset Apartment, about 5-10 blocks away from this house was renting for $1000/month. If you subtract tax deduction and add in Tax+Insurance, it would come out to something very similar as well. That’s comparing buying a house vs rent an apartment. So, sdrealtor, this case plus yours shows that between 1996-1998, it cost the same to buy a house compare to rent an apartment. If you compare it to renting a similar house, I’m sure you’ll come out much more ahead.
