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This is Crazy! Homeownership IS cheaper for Murrieta first time home buyers

By
Mortgage and Lending with Platinum Home Mortgage NMLS ID#283159

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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Comments (2)

Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula
Realty Works Temecula - Temecula, CA
Realty Works Temecula

Greg:  The rental market is gaining ground and rents are heading up in Murrieta.  Murrieta is a great place for first time home buyers to buy a home because prices are low and their house payment may be lower than paying rent!

Apr 09, 2012 08:17 AM
Anonymous
Greg Cook

Jane, thank you for the very keyword rich comment.

It is true the "harmonic convergance" of affordable homes and low interest rates make this a great time to give up the rental lifestyle.

Apr 09, 2012 10:27 AM
#2