With the 30%-40% price drop in the past 1 year compounded with additional tax benefit, own a house as a lifestyle asset has becoming a more and more popular choice in Inland Empire.
To own, you will need at least 20% down payment from savings, gift or qualified from city's down payment assistant program.
Here's
a quick comparison between paying $2200 rent vs. owning a $400,000 house with
6.75% interest rate.
Rent | Own | |||
| Rental Payment | $2200 | Mortgage | $2075 | |
| Renter Insurance |
30 | Insurance |
107 | |
| Property Tax | 417 | |||
| Maintain Cost | 267 | |||
Estimated Tax Benefit | -$
639 | |||
| Total Payment | $2230 | Total Payment | $2227 | |