Reply to Is the delta between renting & owning now so high that it really just makes sense to rent?

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Reply to "Is the delta between renting & owning now so high that it really just makes sense to rent?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]In case anyone wants to look, the going rate for a SFH or townhouse rental in Cupertino is in the $4-6K range for a 3BR. So $6K is actually on the higher end of what's available.

https://www.zillow.com/cupertino-ca/rentals/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22isMapVisible%22%3Atrue%2C%22mapBounds%22%3A%7B%22west%22%3A-122.10998432861328%2C%22east%22%3A-122.0095624230957%2C%22south%22%3A37.287908784262335%2C%22north%22%3A37.34142675180764%7D%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A4281%2C%22regionType%22%3A6%7D%5D%2C%22filterState%22%3A%7B%22sort%22%3A%7B%22value%22%3A%22priorityscore%22%7D%2C%22ah%22%3A%7B%22value%22%3Atrue%7D%2C%22fr%22%3A%7B%22value%22%3Atrue%7D%2C%22fsba%22%3A%7B%22value%22%3Afalse%7D%2C%22fsbo%22%3A%7B%22value%22%3Afalse%7D%2C%22nc%22%3A%7B%22value%22%3Afalse%7D%2C%22cmsn%22%3A%7B%22value%22%3Afalse%7D%2C%22auc%22%3A%7B%22value%22%3Afalse%7D%2C%22fore%22%3A%7B%22value%22%3Afalse%7D%2C%22apco%22%3A%7B%22value%22%3Afalse%7D%2C%22apa%22%3A%7B%22value%22%3Afalse%7D%2C%22con%22%3A%7B%22value%22%3Afalse%7D%7D%2C%22isEntirePlaceForRent%22%3Atrue%2C%22isRoomForRent%22%3Afalse%2C%22isListVisible%22%3Atrue%2C%22mapZoom%22%3A14%7D
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That doesn't seem outrageous for rent. I live in McLean and the 60-year-old SFH rent for $5k+. And the new builds are also $3M. 
I know someone in Palo Alto and they choose to rent, because home prices are too high. [/quote]

Palo Alto now feels like the kind of place where unless you make Founder-level money on an IPO, you put in your 10-20 years and GTFO once you've made your nut (all while trying to keep housing costs as low as possible). $5K for a house in Cupertino is not bad at all. If you're a FAANG engineer, you will bank plenty of money and invest it in the market. Maybe buy a rental home in a lower COL area where you will want to retire.

The issue with Cupertino is that all the housing stock was bought up in the 1st tech wave. People have kept those houses as rentals since the late 90s and they are sitting on deferred asset gold mine.

Look at the Redfin house that sold: https://www.redfin.com/CA/Cupertino/10325-Bonny-Dr-95014/home/597865?600390594=copy_variant&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Bought in 1995 for $410K and taxes frozen at that level ever since. Sold in Feb 2024 for $3.45M. Insane. This is a very standard middle class house in California; I grew up one remarkably similar in SoCal. [/quote]

That price is so ridiculous as to be absurd, and I’m used to the DC area absurdity. But wow I can’t imagine why anyone would willingly choose to move to Cupertino right now.[/quote]

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