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True Cost of Renting vs Owning in the Bay Area

True Cost of Renting vs Owning in the Bay Area

With the average rent in the Bay Area near $3000/month and mortgages just as high or HIGHER – it’s easy to wonder if you are better off renting or if you should take the plunge & buy.

Based on data, the biggest pool of Home Buyers currently are Milennials and the average length of time people are staying in their homes is now 9 years.

If you are in your home for 9 years, this graph spells out the rent vs own story.

Information provided by Dave Mingione

The short story is YES, buying is better than renting. Long term, in a 9 year span (the average time a home is owned), the average consumer in Alameda County would gain $377K in equity from their home, while the renter would have only paid $3000 – $4000/month which is equivalent to $377K in rent paid with zero equity or financial assets.

If you have more questions about this information, contact Dave or the TAG team.

Dave Mingione

Phone – 510.303.3887

Email – davem(at)divcap(dotted)net


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