Renting ... Buying a home pays off after three years on average

In the Coachella Valley, rents are rising, housing affordability is at record levels, inventory is extremely low and interest rates are near all time lows; and there is conversation going on about flipping to a Seller's Market and certainly everyone is hearing about multiple offers on homes (at least at certain price points). All of this is contributing to rising prices and many are concerned that the market is rebounding too quickly fearing another downturn is in our future. Should I buy or should I rent and pay the rising rental rates. There is a new tool designed to help you make a decision. Zillow's analysis, which covered more than 200 metropolitan areas and 7,500 U.S. cities, found that buying is a better financial decision than renting in the Riverside-San Bernardino area if you live in the home for at least two years. In my opinion, the information release is helpful, however, the Coachella Valley differs so much from the rest of the Riverside - San Bernadino are that I believe the numbers would be different. I would really like to see the formula (or an example) used to allow a more insightful opinion ... Click here or cut and paste for the full zillow story: as always, Keep the faith! La Quinta Real Estate