I see your only response to my logic and mid western common sense is that I move back to Ohio…Great.
Socrattt,
You touched on something that very few Realtors or people in general touch on in regards to comparing buying vs renting… and that would be….
RENTS ARE DROPPING AND WILL DROP DUE TO VACANCIES.
I have watched a unit in my complex start at $2100.00 and after three months drop to $1800.00 before someone moved on it…..this is La Jolla.
My good friend owns very large apartment complexes across the state and said they are having to drop rents due to vacancies by 10% across the board.
The counter argument is that if people can’t buy or get kicked out of their home they have to rent. This is partially true but WHERE THEY END UP RENTING is the other consideration.
There are and will be a lot of people moving out of CA for cheaper places like Colorado, Texas, and Arizona. It happened in the 90’s. Not to mention the tax increases that are coming down the pipe here in a few months….
There will be a lot of businesses leaving the state for the same reasons not to mention their employees lack of productivity on the job due to worrying about their upside down house house and how they are going to make ends meet….
Case in point…go Google Buck Knives and see how much they saved by just moving out of state (50%) and that was during good times…a few years ago…
Get ready for the mass exodus which will bring down the over inflated rents also…
When buying a home you need to figure in a rent fade into your equation based upon your geographical area. Because they are going to fade or people will get the hell out of dodge and move to places less cheap with lower taxes.
