The region has the biggest difference in cost between renting and owning of any U.S. population center.
An apartment building on Market Street in downtown San Jose displays a for lease sign in April of 2023. San Jose, San Francisco and Oakland are the U.S. cities with the biggest cost difference between renting and owning, according to a new report by real estate listing site Redfin.
For one renter in Los Gatos, buying might not be worth it, even if he could afford a home in the Bay Area. In addition to an expensive mortgage and down payment, he’s concerned about property upkeep costs and “other anxieties” that come with homeownership. That includes securing homeowners insurance in the fire-prone Santa Cruz Mountains, which is becoming more of a challenge since State Farm and Allstate, two of the largest providers, recently stopped writing new policies in California due to wildfire concerns.
According to Redfin, it’s cheaper to own than to rent in only four major U.S. cities: Detriot , Philadelphia , followed by Cleveland and Houston . Home values in those cities have stagnated compared with the rest of the U.S., Marr said.
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