Rents Are Rising…and Scarce! Time To Think About Purchasing a Home
Recent study shows just how much you have to earn in order to rent the average home.
Home rentals are scarce these days. In fact, the Southland Regional Association of Realtors shows only 30 active rental listings across the entire Santa Clarita Valley. This includes the communities of Valencia, Stevenson Ranch, Saugus, Canyon Country, Newhall, Castaic, and even the ranch communities of Acton and Agua Dulce.
Local rental sites show very little inventory as well. On top of that, rents are on the rise. You’d be hard pressed to find a single story home in Santa Clarita for less than $2,000 per month.
A recent study published by Yahoo! Finance showed just how much one needs to earn per hour to rent the average home. In California, that wage is $26.25 per hour. Minimum wage earners would need to work 92 hours per week to afford the average California rental home.
So think about it:
- Rentals are hard to come by in Santa Clarita these days
- Rental prices have increased due to high demand
- The amount you need to make to RENT a home most likely will qualify you to PURCHASE a home instead.
Think about it some more…
Purchasing a home provides you with not only a place to live, but a sense of security in knowing that your house payment on a standard fixed rate mortgage will stay the same for the life of the loan, until you sell, or until you can refinance to a LOWER rate or payment.
Add to that the fact that you’re also BUILDING VALUE, and it would seem to be a no brainer.
What if I can’t qualify for a home loan?
You won’t know until you try. There are loan programs available for those with less than perfect credit along with requiring a lower down payment (In some cases, as little as 3.5%). Even if you’re on the fence qualification-wise, we can put you in touch with lending professionals who will help make a plan that will put you in the position to qualify for a home in the very near future. Again, you won’t know until you try.
We are your real estate advocates!
With nearly 30 years experience helping buyers and seller achieve their real estate goals, we are here to help you achieve yours. Contact the Elgin and Pilar Walker Team for a no obligation consultation.
Elgin & Pilar Walker
Keller Williams VIP Properties
25124 Springfield Court Suite 100
Valencia CA 91355
Office: (661) 290-3781
Mobile: (661) 347-6248