Are You Debating Renting or Buying?

KQED's Forum

KQED

Politics, News, News Commentary

4.6 • 656 Ratings

🗓️ 8 July 2024

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rising housing costs are pushing more middle-class families in California to rent rather than buy. The average cost of ownership payments for a mid-tier house in California are currently double the cost of renting a similar home. And compared to January 2020, the combined monthly cost of mortgage payments, taxes and homeowners insurance has jumped by 80%, according to the state Legislative Analyst’s Office. Some tenants rent because they can’t afford a down payment, but others prefer the greater flexibility and savings they can get from renting. To meet demand, corporate homebuilders are developing more “build-for-rent” constructions, which is raising concerns for some state lawmakers. This hour on Forum, we’ll ask if the American dream of homeownership is dying in the Golden State. And we’ll hear from you: Are you debating between renting or buying? Guests: Liam Dillon, statewide housing affordability and neighborhood change reporter, Los Angeles Times Erin Baldassari, senior editor of housing affordability, KQED Adam Briones, CEO, California Community Builder Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Support for Key QBD Podcasts comes from San Francisco International Airport.
0:05.1	At SFO, you can shop, dine, and unwind before your flight.
0:09.2	Go ahead, treat yourself.
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0:32.2	From KQED in San Francisco, I'm Leslie McClurg in Fermina Kim.
0:53.9	Coming up on forum, your monthly payments for a mid-tier home in California, on average, are twice as expensive as the cost of renting a similar space.
1:02.0	In the last four years, the combined cost of mortgage, taxes, and homeowners insurance payments has increased 80% according to recent state data. As more and more middle
1:12.8	class families rent rather than buy in California, has the American dream of homeownership changed?
1:18.7	Are you thinking about renting instead of buying? That's next after this news. This is Forum. I'm Leslie McClurg. I'm in today for Mina Kim, and I personally am on the fence,
1:40.9	because I'm not sure. Should I keep renting or should I buy a home? I've always thought
1:45.2	that owning a home is the smarter financial decision because why would I throw away thousands
1:49.2	of dollars a month on rent? But in the current landscape, apparently that's not necessarily
1:54.0	true. It's now twice as expensive to purchase a two-bedroom home in California than to rent one.
2:00.3	Twice. For more and more people, that means renting makes a lot more financial sense. And home prices to purchase a two-bedroom home in California than to rent one twice.
2:04.0	For more and more people, that means renting makes a lot more financial sense.
2:07.2	And home prices and mortgage rates are through the roof in our state.
2:09.7	But what if you still want to own your own home?
	...

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