Rent or Buy a Home? Californians Increasingly Have No Choice

Studies highlight the rising cost of home ownership in the Golden State, especially compared to the cost of rent.
Rent or Buy a Home? Californians Increasingly Have No Choice
A house is available for rent in Los Angeles, Calif., on March 15, 2022. Mario Tama/Getty Images
Kimberly Hayek
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California is home to some of the widest gaps between mortgage payments and rental costs in the nation, meaning it is increasingly harder to buy a home compared to renting one, according to analysts.

The California Legislative Analyst’s Office (LAO) reported on April 21 that the gap between monthly costs of buying a bottom-tier home versus renting a bottom-tier home has reached levels not seen since the mid-2000s housing bubble, with the growth attributed to higher home prices and higher mortgage rates.
Kimberly Hayek
Kimberly Hayek
Author
Kimberly Hayek is a reporter for The Epoch Times. She covers California news and has worked as an editor and on scene at the U.S.-Mexico border during the 2018 migrant caravan crisis.