It’s cheaper to buy a home than rent in Redding -and most of the US.

This post was published 9 years ago. Please, read this page keeping in mind that this home may have sold by now. You can always check current status by calling or texting (530) 356 4500 The Address Realty DRE # 01710206

For us, much of this year has been filled with working for first time homebuyers who did the math. Low prices coupled with extremely low mortgage rates equals an unbeatable value. And it was better to buy than rent in 74% of the top 50 cities surveyed by Trulia.
rent versus buy in redding ca
The greener the bubble, the better the ratio for buyers. According to Trulia’s methodology, a ratio under 15 was a clear Buy signal. In San Francisco, it remains better to rent at 21, while Sacramento was much better to buy at 8. So what would our ratio be?

According to the median price for a home in Shasta County was $155,000 in June (although that number felt high to us). It seems to us that renting a nice home around here is about $1200.

$155,000 / $1200 X 12 = 10.7

Not as good a ratio as Sacramento perhaps, but still clearly it is better to buy around here than rent. Factor in that rents go up over time, but mortgage payments remain fixed for years, and it gets even better.

Of course many factors make this an individual equation. If you don’t plan on living in the house for several years, and have no savings, you should remain a renter. If your personal circumstances fit, the time has seldom been better to buy. And that’s true in lots of places in the US, not just around here.

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