The decision to rent or buy a home really comes down to someone's personal situation.
Rent Prices Are Soaring in These 5 U.S. Metros. Here's What to Know Before Moving to a Cheaper Area
Plenty of people NBC Bay Area spoke to Wednesday said they're ready to stop paying rent and become homeowners. "And it's really buying a house, but I’m not sure if it's gonna be here, though because of the cost? Because of the cost, it's a little too much," said San Jose resident Jorge Ballez.Zillow economist Nicole Bachaud said that ratio points to renting being the cheaper alternative.
"It's around $3,200 a month to rent an apartment, versus it's around $7,000 in just principal and interest, not including tax and insurance, for a typical mortgage payment. So, that's over double," she said.“Especially here in the bay area, because the prices are so high and the value is still really good, you can sell that house later and go live almost anywhere else in the world that you wanna live," said San Jose resident Laura Colunga.
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