David Leonhardt had an interesting thought in this morning’s NY times.
After being a renter for all the good reasons, he finally decided to buy. The article did make sense, however he forgets the rules of inflation. How much was a 3 bedroom 2 bathroom home in the area where you live 30 years ago? How much was the rent at that time? How much is the rent for that same home right now? To my opinion, in the long run it’s better to buy than to rent, however, if you only plan to live in an area for 1 year (for work or other reasons) you’re probably better of renting.
The New York Times also featured an interesting graph (Buying vs renting). It’s fun to play with it, don’t forget about the rules of inflation though…
And by the way… today is a great day to buy real estate in Sonoma County!
Have a great day!
Mirjam (707-486-2638)