Do you absolutely need to rent in Anaheim or are you looking for other cities too? Can you afford to buy anything that suits your needs? I've seen some pretty good deals on homes and condos for sale in places like: Lakewood, Long Beach, Downey, Whittier, Cypress, and Bellflower.
I say this because if you can afford $2200 a month for a payment you likely can afford at least a 2-3 bd condo or house in the above areas.
I am looking in Anaheim, Orange, Placentia and Tustin. I am only interested in renting. I can't be convinced to buy yet. I only see disadvantages in buying a home.
1)Lets see you buy a home and drain your savings for a down payment and closing costs.
2)Then you spend the first 15-20 years paying a mortgage that pretty much goes to pay the interest on the money you borrowed.
3)Of course during that time your house rises a little bit in value so you borrow on that money to fix up the house and pay off the cars and buy some luxury items.
4)Then you can't afford to pay the mortgage anymore and you lose your home and ruin your chances of ever buying another home in your lifetime again.
5)What to do next you go and rent another home that will cost you the same amount per month as the one you just bought only difference is it belongs to somebody else.
I keep hearing people say when you rent you are paying the owners property tax and interest rate and at least when you own you can write some of that of on your taxes. But I see it as a push at best and a lost at worse. Lets say you own a place and your property tax is $10,000 and when you do your taxes you get 30% of that back. That means you get $3000 back a year for owning your own home but are responsible for your own repairs and replacements, optional gardener/pool cleaner and if you live in a good uptight neighborhood association fees.
Maybe I am stupid but I just haven't been convinced to buy a home yet. I challenge somebody to change my thought process and convince me.
