Renting versus purchasing in San Diego
Recent college graduates, people relocating for employment and even long-term residents all face one question when moving into new property - is it more beneficial to rent or buy a home? Renting one of the houses for sale in San Diego is, more likely than not, less cost-effective than purchasing a listed property because rental prices are expected to increase in the upcoming year.
The San Diego Union-Tribune reported that rent in San Diego averaged $1,361 in March of 2012, which was an increase of 2.6 percent from a year ago. To deal with rising costs, many people are forced to move to suburbs that are farther away from the downtown area, thereby sacrificing certain conveniences and amenities typical of communities closer to the city.
"I looked at different places there and in La Jolla," said local resident Becky Parker, according to the news source. "I chose this one because it had the best price point." Parker was referring to her two-bedroom apartment in Solana Beach.
Rather than renting property like Parker, one should consider purchasing a home in the region. Due to low national mortgage rates and discount home listings in San Diego County, buying a property is often much more cost-effective than renting in the long run, and can provide much-needed financial breathing room for homeowners.