[quote=no_such_reality]For the 1 or 2 out of ten that get to buy it, but buying it is more expensive than renting. And frankly, many renters are renting out of necessity. They don’t have the money to close the deal on $500,000.
And then prop 13 elimination plans will universally raise costs to ALL landlords.
What happens when all producers experience cost increases? They raise prices.
BTW, the largest slumlord in California is about to sell off a bunch of properties. CalTrans is going to sell the homes they own in the path of the never built 710 extension in Pasadena.[/quote]
Yes, the down payment is a huge obstacle for many people, especially when a “starter” home costs $450K and up. But owning can be cheaper than renting in many areas. In our neighborhood, it’s pretty close, precisely because of the ridiculous rent increases, especially if you have 20% down.
