[quote=deadzone]If you have to put 20% down then it is not an apples to apples comparison (rent vs. mortgage) in terms of affordability. I would say Mira Mesa is borderline undesirable.[/quote]I don’t see why it’s not apple to apple comparison? PITI – tax deduction would be less than rent. You’re also paying ~$600/month toward principle, while rent, it’s all gone. I guess if you want to have a pure rent vs mortgage, then compare ITI – tax deduction vs rent. This particular house, ITI with 20% down is ~$1500/month. ITI with 10% down is ~$1600/month. That’s $500-600< than comparable rent. Depending on your tax bracket, you can add ~$200 to that number as well on the buying side for tax deduction.
As for Mira Mesa being borderline undesirable, then I guess >50% of San Diego is undesirable. If you’re the type of think Mira Mesa is undesirable and can’t come up with a big down payment, something is wrong with your perception and your finances.
