Prices are surging in both cases, which makes it complicated

Fresno Calif. has had a 23.1% rent increase over the last 12 months which is well above the state of California (11.6%) and U.S. (15.1%) rent increases. The average one-bedroom apartment now costs $1,150.

Buying vs Renting

There are limits to how much a landlord in California can increase rent. Every rental property that is not exempt from AB 1482 can only have an annual rent increase of 5% plus the annual Consumer Price Index (CPI) percentage change.

“People who were renting in anticipation of buying a home are still renting because the housing prices have gone up so much; the house they wanted to buy a year ago is 20% more than it was

KEY POINTS

Home prices are rising faster than rents, which is shrinking the affordability gap between being a homeowner and a tenant.

Single-family homes are less affordable than they have been in just over three quarters of the U.S. — the highest total in 13 years, according to a real estate data tracker.

All real estate is local, however. Homeownership is more affordable than renting in suburban and rural areas, but it’s cheaper to rent in big cities.

Work with a good mortgage loan officer that put your best interest at heart

Get Pre-approved before home shopping

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Find a good relator that knows the local market

File two years of tax returns

620 FICO

Get Pre-Approved

https://mkgenterprisescorp.com