Jason in LA
11-15-2005, 06:45 PM
I've finally got my act together and am making good money off my photography business, so I'm looking into buying a house by summer. I was at the bank today, and they had a chart that showed monthly payments to how much of a loan somebody could get. $500K houses were in the $3500 per month range. Problem is that any house in a decent area in the LA area is at least $500K. I've been in Long Beach for three years now (I'll always claim LA, born and raised there). A one story, two-three bedroom house in a decent area is $500K. I'm not talking about ritzy areas. I'm just talking about areas where it's safe to walk around, and the houses look nice. There is one area in Long Beach that I'd like to move to, but it's at least $500K. So I'd be looking at $3500 a month according to the chart I was looking at. In that same area, those houses are being rented out for under $2000 a month. I saw one for $1700 a month. It's cheaper to rent out here than to buy. I keep hearing that these prices are going to come down. Is it smarter to just keep renting until they do? Then the question is how much are they going to come down, if they do.