For most, buying a home is the largest purchase in a lifetime. For that reason, when looking to buy, finding the perfect home will take a little effort and planning.
The first thing that should be considered will be your budget.
We have a solid plan in place to purchase a house within 12-18 months. We’re on our way to having a substantial down payment within that time frame. In the meantime, we’re still renting and that rent is going up.
However, I’ve known for a few years now that Los Angeles is just not a very affordable city for median income earners like myself. I’ve stayed because I have roots here and a good job, and it’s also what I know.
Living in Southern California where the starter home prices average in the $400,000’s makes it difficult to ever imagine owning a traditional 3 or 4-bedroom home with a little bit of land, especially on an average income. So, renting has been the way of life for me.
Countries with lower home ownership have lower unemployment. The study compared Switzerland in particular with 34% of their population being home owners to a low unemployment rate of 3%. The idea is that a more mobile work force can move when needed for employment.