U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-22-2010, 01:16 PM
 
Location: Living on the Coast in Oxnard CA
16,290 posts, read 30,193,616 times
Reputation: 21833

Advertisements

I read an article recently talking about the best time to buy a home. The idea was that if you are renting a home and plan on buying a similar home in a similar area than you devide the cost of the home by 20 to come up with your target price. If that amount which is a yearly amount is cheaper than the yearly amount that you are now paying in rent then it is the time to buy a home. The lower the number the better for you.

for example a $300,000 home devided by 20 gets me $15,000 or $1250 a month. Current rents for a similar home in Oxnard are between $2200 and $2500 a month. When I ran the numbers I needed to get down to deviding the purchase price by 12 before it worked out to a similar amount as the rent. The article stated that 20 is the baseline and anything below that means that chances are you are not living in a bubble anything over that and it is questionable. Over 25 and chances are you will want to rent instead of buy.

Maybe we could have a list of other areas within the region to see how it works within your area. For me it seems that Oxnard is a good buy if you don't mind living there, and I don't mind living there.
Rate this post positively Reply With Quote Quick reply to this message

Reply
>
Powered by Foreclosure.com
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > Los Angeles
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top