Households that can purchase an entry level home in Contra Costa County has risen to 46% in the first quarter of 2010. This is a significant increase compared to the low of 17% in 2006.
Should you continue to rent or buy a home?
The most confusing - and important - comparison for renters who are thinking of becoming home owners is the monthly mortgage payment compared to the income tax benefits from home ownership. Unfortunately, renters are often given very generalized statements about their tax savings which can be grossly incorrect.
To help renters determine the impact of a home purchase on their personal finances and budget, we have created a FREE Rent vs Buy Calculator. Download this Calculator to the privacy of your own computer, input your income tax filing status, the number of dependents in your household, your income, your 401(k) contributions and the amount of your current rent. Our nifty Rent or Buy Calculator will automatically compute an After-Tax-Cash-Flow Comparison for you!
Important Note: This Calculator is only valid for the State of California.
Wendy Cutrufelli
Broker Associate
925.917.1135
The positions on this site are my own and don't necessarily represent Alain Pinel Realtors' positions, strategies or opinions.
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Great info Wendy. I would add the decision is not only about economics but also about lifestyle. Sometimes renting fits with where you are in life even if you can afford to purchase.
Gary, you are absolutely correct that there are renters who can afford to purchase but choose not to. My bigger concern revolves around the renters who WANT to purchase but are making their financial decisions based on generalized information.