In America, 30 percent of the general population are renters. That figure represents over 100 million people who live in homes, apartments, and other properties.
With over 60 percent of our city’s residents renting, it’s apparent that people are recognizing the benefits of renting vs. buying in Costa Mesa. Renting offers individuals and families lower upfront costs, fewer maintenance responsibilities, and more freedom.
Your Upfront and Long-Term Costs Are Lower
Homeowners have come to expect surprise expenses around every corner. These sudden costs arrive in addition to insurance and taxes. One convenience of renting is the ability to plan and stick to a set monthly budget. Perhaps that’s why in 2019, over 80 percent of renters said renting is more affordable than owning.
The most significant difference between renting vs. buying in Costa Mesa is the upfront costs. When purchasing a home with a mortgage, your down payment is typically around 20 percent of the total purchase price. Using the 92627 zip code for The Parsons, we see the average Costa Mesa home costs nearly $920,000. Twenty percent of that figure exceeds $180,000. Renting, however, requires only a security deposit, which is typically equivalent to a single month’s rent. That deposit is returned to you when you move out and the property passes inspection.
Meanwhile, renter’s insurance is more affordable than homeowner’s insurance; plus, homeowners are required to pay property taxes. In 2017, the Insurance Information Institute determined the average homeowner’s policy costs $1,211, while the average renter’s insurance policy costs $180 per year.
You Aren’t Responsible for Maintenance or Repairs
Everyone knows that life is full of surprises. When those surprises result in something like a broken window, it’s nice to know that renters are taken care of—that someone else is responsible for making repairs. Living at The Parsons means access to a cordial and experienced staff certified to address your desired repairs. Handing off maintenance or repairs to the experts is much better than having to spend the time and money trying to fix things yourself.
You Can Move Whenever You’re Ready
For many, the real benefit of renting is the freedom to choose where you want to live. Unlike someone tied to a 30-plus-year mortgage, a renter’s lease is relatively short. “Regardless of age, mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar at The Washington Post. “For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
Let’s say you want to move closer to your work, school, or the beach. If you decide to relocate to another AMC property, we are happy to offer you a $250 loyalty bonus to help you along your way. While it’s always sad to say goodbye, at The Parsons, we want to make sure you’re taken care of wherever you go.
With lower move-in costs, fewer responsibilities, and increased freedom, it’s not difficult to understand why more people choose renting vs. buying in Costa Mesa. At The Parsons, coming home should always be the best part of your day; give us a visit and see what the benefits of renting can do for you.