Rent or buy?

[80skeys]

Originally Posted by easybay

the rental market is INSANE here.

There's a lot of movement with high tech jobs. People move in and out of the area as they get transfered or seek new opportunities. Lots of engineers from overseas who come, stay for a few years, and then leave.

My wife and I moved to the area 6 months ago. When we first arrived, we sublet abn apartment. We noticed that planning in advance to get a new apartment doesn't make sense because the vacancy rate is low. Property managers get the places rented quickly. How it works is that you go look at some places and when you find one you like, you sign up for it on the spot, no delays. No going back home to "think about it" because by the time you make your decision somebody else will have already rented it.

[sonarrat]

Do you have kids or think you will have kids in a public school district within a few years? Rent. It isn't that much more expensive to rent in an area with a great school district, compared to a lousy one.

No kids, and probably not going to have any kids in school for the next 5 years or so? Buy. The economics are in your favor for starter homes in marginal areas.

[mixxalot]

Well I spent the day looking at rentals and homes. I liked Campbell, Saratoga, and Los Gatos the best. Close to Whole Foods and safe areas and close to work as well as a half hour cruise to the coast.

[RebekahOwen]

Campbell is a great area because it's school district is above average, it's a relatively wealthy city with strong fiscal management and it's easy to get in and out. I also love the walkable downtown and the running/biking trails. There's also a Trader Joe's at Pruneyard.
For rent vs buy; rents are projected to increase 8% this year and march sales in campbell are 21% higher than last year. We are always the first to improve and things are looking great with 8.8% unemployment and more people moving into the area. I am a strong proponent on buying because 1) it brings stability to the family 2) you have more control over your budget 3) statistically, home owners have higher net-worths than renters.
Something to think about.

[Sebastian K.]

First of all, Cupertino especially doesn't have a great school system, trust me. If you are moving to this area, you will either rent for the rest of your life or buy a house and be literally working for your house since you will be paying a huge chunk of your salary devoted to paying off the house.

My choice is rent since I'm currently renting and it isn't as painful as buying a house.

Remember that a MILLION dollar house isn't expensive here. Though I think it's way overpriced here.