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Contact Us. Raye Scott (858) 229 5424 raye@scottfinhomes.com Francine Finn (858) 518 5288 francine@scottfinhomes.com
January 5, 2009, 6:50 pm

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San Diego: Still Want To Rent??

Filed Under categories: Buying, Finance, News You Can Use, Real Estate News, Real Estate Stats

posted by Raye on April 22nd, 2008

Untitled-2 copyWhen a market changes from a seller’s to a buyer’s market, it’s not uncommon to for sellers to try and rent and “wait it out”, if they can and for buyer’s to rent and sit on the sidelines licking their chops and waiting for “deals”.  But, at some point, it becomes self-defeating trying to time that ubiquitous “bottom” and it’s time to get on with it!

Following are some statistics that should every current renter should know before signing another year lease:

The Department of Commerce reports that between 1995 and 2004, the average renter accumulated a little over $4,000 in net worth.

The average homeowner accumulated $184,400. That translates into $180,000 more, or $1,500 per month.

In other words, each month that the average first-time buyer continues to rent, it costs them $1,500 in lost wealth accumulation.

Furthermore, renters are subject to rent increases as well as higher tax rates because they cannot take a mortgage deduction.

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This entry was posted on Tuesday, April 22nd, 2008 at 5:58 am and is filed under Buying, Finance, News You Can Use, Real Estate News, Real Estate Stats. You can follow any responses to this entry through the RSS 2.0 feed.


  1. Sandy-AshevilleRealEstateVoice.com April 27th, 2008 at 9:54 am

    It’s interesting to note that in the last year or two a new classification of the “Sellers or Buyers” market has emerged - The Waiters Market! With interest rates still very low, it’s dangerous thing to try and time the market, just like you don’t want to time the stock market. Now is a great time to buy!
    Sandy Sibley

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