just go ahead and buy themselves a house already. I was looking into an apartment in Newport Beach, California and i understand that it will be expansive mainly because it's Southern California and a rich community. However, what i dont understand is that people who rented out these apartments can actually afford an actual house. Why dont they want to buy a house instead of renting an apartment? I mean the prices for these apartments are outrages. If you dont live in Southern californa especially in Orange County *newport beach* area, you probably dont understand how rediculous the rent are. Newport Bluffs Apartments in newport beach are very goregous. The rent for it is $2400 to $2800 for a 2 bedroom apartment. Are you kidding me?! You can borrowed a loan for a house around that much. Even the lower level apartments like Baywood In newport beach cost $1700 to $2100 a month for 2 bedroom. I would rather buy a house for that kind of a monthly payment.
2006-12-19 16:44:09 · 3 answers · asked by epicwolf 4 in Business & Finance ➔ Renting & Real Estate
Its often the ability to save up for the 10% bare minimum downpayment. Its very difficult for some folks to save 25,000- 50,000 for that initial downpayment and a lot of folks dont know about second mortgages (the ones used to make a downpayment, but that is paid off in say 5-10 yrs)
You also have to factor in property taxes, insurance and other overhead a house has that an apartment doesn't
In the long run owning is definitley better but many single folks cant do it on their own.
2006-12-19 17:47:12 · answer #1 · answered by dat_darn_cat 2 · 0⤊ 0⤋
I help people find rentals and homes in Newport Beach. My experience is that most of these people want the prestige of living in Newport Beach. They show up with the $5000 hand bags, $10,000 dollar Rolex watches, 70k Mercedes and $1200 sunglasses, yet they just want to rent in Newport Beach. My guess is that they can't afford to buy here and are just trying to keep up appearances.
I also had a few clients who have huge houses somewhere else, but like to rent in Newport Beach for the climate and to have some where to stay during the weekends.
Working in real estate in Orange County, you run into all types of people. It doesn't make sense to me either.
Regards
2006-12-19 18:22:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
they cannot afford a house in the area, so they rent in the area.
2006-12-19 16:58:49 · answer #3 · answered by Angelcupcake 3 · 0⤊ 0⤋