According to the Los Angeles Times article, it takes approximately three years to reach the “break-even point” for potential home buyers. Location still plays a large part on how quickly a homebuyer reaches that horizon. In Los Angeles and Orange County, the magic number of breaking even is 4.3 years (assuming that the buyer has placed a 20% deposit). This analysis takes into account various considerations including the downpayment, mortgage vs rental payments, maintenance costs, and tax deductions.
With interest rates at an all-time low, and the housing market making a recovery, now is the best time to purchase a house. If you want to discuss your options in being able to purchase a house, please feel free to give me a call at 818-588-5728.
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