Should I Rent or Purchase?

[Andres Blandon]

Hey everyone!

I know there is some information contrasting the difference between rental and purchase as primary residence but I want some advice about my particular circumstance.

I am in the process of relocating to Paso Robles, CA for work and am having a very hard time finding a place to rent for my family of 4 (Plus small dog). I was hoping to find an affordable apartment about $1200 to $1500 a month, but nothing is coming up within that range. The handful of rentals available that would accommodate us are between $1900 to $2400 per month.

I am not familiar with the current market trend (UP or Down) in Paso Robles and there seems to be a very limited number of homes for sale (Which might be the reason the cost of homes is high).

Either way, I have seen a few properties in the 330k-350k range that might end up being nearly the same monthly payment for a mortgage as the rent or $1900 to $2400. The benefits would be the tax and interest that can be itemized on the tax return. Also, Paying down the mortgage will help to build some equity. If I do move back to Florida, I do not think I would have an issue renting out the property and covering the mortgage. It would just be about having a reliable management company to handle the rest.

Any thoughts and ideas will be greatly appreciated!