Los Angeles: Should I buy or rent?

The age old question when it comes to real estate in Los Angeles or just about anywhere else in the country - should I buy or rent a home? Of course there are pros and cons to both, but most signs point toward buying to be the best option in the Southland.

According to the Los Angeles Times, a real estate trends research company has recently provided data that reveals buying pays off in just three years on average across the nation. This is the amount of time it would take to "break-even" on the costs to buy or rent the same home.

However, the amount of time it takes to break even is largely based on where you are hoping to live. The publication reports in the combined Los Angeles and Orange counties, the data shows it takes an average of 4.3 years. This is assuming the buyer has made a 20 percent down payment. In some areas this is even lower. For instance, in the desert community of Banning, located north of LA in Riverside County, buying pays off after just 1.6 year.

Consider the benefits of owning a home in Los Angeles today - you could be saving yourself money much faster than you think.