30 Year mortgage almost at 5%!
I am a young first time buyer, 32. I have been looking to buy in California, I am moving from Sacramento area to Richmond CA for work. I make $92,500/yr, FICO good 630, 40% debt and I am paying $2200 for a 1/1.5 b/b. Rates at almost 5% and the median price for a condo is $500k in Richmond right now (this for equivalent square footage, 2100) This would make my payments around $2,600....i'm just not seeing the value or reason to buy in such a high market. I could use some professional advise on pros of home buying in a high rate market. by stomv429 from Sacramento, California. Sep 19th 2018
Brian Paris (bparis)
#633 ranked lender in California - 51 contributions
I would say the pros are 1.) Stable payment ( no rent increases) 2.)Income Tax savings 3.) Equity growth. Lets face it you will likely live there for 10 years, that will make it through any recession we may go through. You will easily make up the 400.00 a month difference in the property tax and interest deductions you are allowed to take on your personal taxes. Always confer with a tax professional for sound advice. When you are 42 you will thank me when your house payment is 2600 and people pay rent are at 4600+!
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