First time home buyers in Temecula, Murrieta and all of Southwest Riverside County and North County San Diego got this bit of good news in their morning paper.
"Monthly payments on a house are now cheaper than monthly rents on a similar house in most of North San Diego and Southwest Riverside counties, according to an analysis of county-supplied and Realtor data by the North County Times."
According to the NCTimes article: "Some homebuyers get loans backed by the Federal Housing Administration, allowing them to make a 3.5 percent down payment, which means they pay more in monthly payments. Despite that, those homeowners are still paying less than rent in half of all North County ZIP codes."
At least 70% of our market is FHA/VA or USDA loans which reflects the preponderance of first time home buyers who are doing WHAT? THEY'RE RENTING!
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