FormerSanDiegan, you mean 1996 and not 2006, right?
Oops! you are right AN, it was 1996.
As for it’s value today … An identical house on a similar lot in the neighborhood sold for about 420K in March.
My best guess is that our old house (we sold it in 2001 after buyinmg another in 2000 and renting out the Clairemont house one out for a year) would sell quickly at 375K and possibly up to 400K.
Assuming 375K I come up with about $2450 for PITI currently (assume 6%, 90% LTV, ignoring PMI since I don’t knowe what PMI rates are these days). It would rent for aroud $2000 per month.
Compare this to 1996 carrying costs of about 1250 for PITI (assuming 8% interest, 90% LTV and ignoring PMI). Back then would have rented for $1100 per month.
So, we’re still about 10% higher today in terms of relative monthly carrying costs of buying vs renting in Clairemont compared to 1996. Of course, if interest rates rise significantly or rents decrease we would be looking at a larger difference.
