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Owning a home is the classic American Dream.
Of course, there are variables that make one or another better, depending on individual situations.
For instance, renters enjoy few if any tax advantages, as opposed to mortgage holders.
And renting gains youno real estate equity, while owning does.
On the other side, the Clever study found that homeowners get hit with many unforeseen costs.
Yes, renting starts to look a little better during that 150th run to Home Depot.
Ratios from 16 to 20 depend on the individual scenario.
But those are nationwide stats.
So much so that going strictly by the numbers, its better to rent.
Los Angeles
Living close to the stars and the Pacific will cost you.
And thats assuming nothing breaks or needs maintenance.
Yet, according to Clevers price-to-rent ratio, renting is still the smart move, by a lot.
San Jose, California
More than 37 years.
Thats how long it would takemonthly rent paymentsto match the cost of a typical San Jose home.
But that still might be preferable to the shocking $8,943 per month needed for the typical house payment.
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