Well, I think this is a valuable tool exactly because it DOESN'T take area into account. If you're living in a 1 bed apartment and looking at a larger house, then you can't directly compare the two anyway - the better comparison would be to do some research and figure out what the going rate for renting something akin to the house you're looking at would be. If you're paying $500 for a 1bed apartment and you're looking at house the size of the one yours is, then go out and dig around a bit and estimate what it would cost to rent a comparable house in the same area, and use that as a basis for comparison, not your current rent.our house is 800 a month, bought at $78000. 3 bedrrom 1 bath, dining room, kitchen, living room, laundry room, basement We have 1100 Sq ft and a 150x50ft corner lot. For a nice apartment around here, its about 900 for a single, and 1100 for a 2 bedroom.
Obviously i'm saving, but what i ment was that my sq footage is going to be quite a bit larger, inaddition to not having a large plot of land for yourself. So not only am i saving money, but they are getting double screwed due to much less land/square footage.
Its not really taking that into account either.
When we moved to Santa Barbara we knew homes would be expensive, but were stunned to find a mere trailer home was $350k! Any house worth buying (i.e., not a fixer-upper) was at least $900k. Real estate is ridiculous here.You can't even get a trailer home up here for $78k. :lol:
Oh, you're on the Main Line? I guess the 'end' puts you out in Radnor or something? I'm in Wynnewood. housing here isn't Terribly-priced, but it's in no way cheap. I have friends who live out on the coal belt, and one of them just bought his first house, a 4 bed-3 bath townhouse, for the exorbitant fee of $67,000, in a small town near Mt. Carmel. (Atlas, PA) Only problem is there's fuck-all to do out there.I live at the end of the Main Line in Philly, and there's no such thing as a single-family house in respectable condition for less than about $190-200k. My fiancee is really hot on getting a house soon, but I try to keep telling her we owe it to ourselves to try to save 20% and renting something in the meanwhile. It's primarily a lifestyle choice. We're both young and job-mobile, so why start building equity in something with so much market risk and hassle attached to it right now? I figure 2-3 years should be enough to save up.
Check this out too: Should you rent or buy? - Jun. 3, 2010
Trulia rocks :hsquid: