Affordability is back on the Santa Clarita real estate scene. Over the past several years, something holding back many Santa Clarita homebuyers from pulling the trigger on a purchase was the thought of declining home values, and limited affordability. Essentially over the last several years it has been much cheaper to rent a home on the average, than to purchase, when comparing average monthly rents and mortgage payments.
Now that the decline in home values has lost some steam, it has led to increased chatter about where the bottom of the market it, and home affordability. Rents are now closer to the same cost as mortgage payments than they have been over the last 20 years approx. That according to a study by Marcus & Millichap, a Commercial Real Estate Investment Services provider.
While some areas of the Country such as New York City, and other high priced metro areas still have a long ways to go with respect to affordability, much of the 45 metro areas in the Marcus & Millichap study proved to have become more and more affordable, compared with just several years ago, during the boom real estate market.
Santa Clarita is certainly an area with great value. Home prices are significantly lower form their highs, and the value with respect to the neighborhoods and size of the homes for the money, is extremely attractive, when compared to other areas of Los Angeles and Ventura Counties.
Check out our SCVRealEstate360 Show video below…Robert touches on the issues of affordability returning to the market, and the benefits of owning a home.
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