To Rent or To Buy?

To Rent or To Buy?

Gregory Han
Apr 12, 2007

"Over the next five years, which is about the average amount of time recent buyers have remained in their homes, prices in the Los Angeles area would have to rise more than 5 percent a year for a typical buyer there to do better than a renter. The same is true in Phoenix, Las Vegas, the New York region, Northern California and South Florida. In the Boston and Washington areas, the break-even point is about 4 percent."

This almost makes us feel better that we've resigned ourselves to be renters for life, considering a home four houses up from our ramshackle Silver Lake apartment is being sold for $799,000, with prospective buyers rolling curbside in Hummers. The bubble is deflating, but we'd need it to pop to even consider the possibility of owning.

To figure out whether buying or renting makes more sense for you, check out this chart comparing the costs of renting and buying equivalent homes.

[A Word of Advice During a Housing Slump: Rent via Consumerist]

The adorable Los Angeles Angelino Heights cottage above is from Victorian-centric site, You Are Here. What we'd do for a beauty like that....

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