If you or your kids are still renting or thinking about renting for the first time, you have to read this recent article from Curbed LA. It discusses the relevance of a recent Trulia study to the Los Angeles real estate market.The study found that buying a home is 37.7% cheaper than renting nationally.
Buying a home is 37.7% cheaper than renting on a national basis, which is up just a bit from last year.
The Curbed article goes on to specify for Los Angeles, noting that these numbers reflect a home purchase with a $536,350.60 sale price (with 20% down) vs a monthly rent of $2,600, which is about the cost of a median home and a median two bedroom in LA, respectively. The percentage of savings is relative to a 7-year period of cost comparison.
Although not necessarily fitting for those who move often, it is still important to considered the potential benefits of buying a home instead of simply renting.
Click the article links above for a full breakdown of the study.