The California Association of Realtors analyzed the difference between renting and buying a home. C.A.R. took into consideration low home prices, favorable mortgage rates and the $8,000 first time home buyer tax credit. Based on C.A.R.s calculations and projections, the average monthly expense for a first time buyer purchasing an entry-level home would be $1,630.00. The average monthly expense of renting a three bedroom, two bath apartment would be $1,875.00.
Click here to view data C.A.R.'s data charts.
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