Did you know that renters now make up one-third of America’s general population? That means the number of people living in rented apartments, homes, and other properties exceeds 100 million.
With over 40 percent of Orange County residents renting, it’s clear: More people are recognizing the benefits of renting vs. buying in Anaheim. Less expensive than buying, renting results in lower long-term costs, fewer responsibilities, and more freedom.
Your Upfront and Long-Term Costs Are Lower
Homeownership comes with a variety of unexpected expenses. In addition to insurance and taxes, there are surprise maintenance expenses that can vary from month to month. The advantage of renting is the ability to budget around a set cost. Maybe that’s why in 2019, 82 percent of renters said renting is more affordable than owning, jumping up from 67 percent the year before.
When comparing renting vs. buying in Anaheim, the most significant difference is the upfront costs. When purchasing a home with a mortgage, your down payment is typically around 20 percent of the total purchase price. Using the 92806 zip code for The Jackson, we see the average home costs nearly $700,000. Twenty percent of that figure is $140,000. When renting, however, you only need to pay a security deposit, usually equal to one month’s rent, which will be returned to you when you move out (so long as you haven’t damaged the property).
Over the long term, homeowners need to pay property taxes regularly. The good news is that renters insurance is much more affordable than homeowners insurance. According to a 2017 study by the Insurance Information Institute, the average homeowners policy costs $1,211, while the average renters insurance policy costs $180 per year.
You Aren’t Responsible for Maintenance or Repairs
Everyone knows that life is bound to throw you a curveball or two. Sometimes, those literal curveballs end up crashing through our windows. When surprises happen, renters know that they’re taken care of—that someone else is responsible for making repairs. For example, The Jackson has a friendly and attentive staff certified to make repairs. When you report that something requires attention, our team puts their experience to work to make sure your home meets your satisfaction. With your busy schedule and commitments, it sure beats having to make a trip to the hardware store.
You Can Move Whenever You’re Ready
A considerable benefit of renting vs. buying in Anaheim is the freedom to live anywhere you want. Unlike a mortgage, which can last for 30-plus years, a lease is relatively short. “Regardless of age, mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar at The Washington Post. “For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
While we are always sad to say goodbye at The Jackson, we want to make sure you’re taken care of wherever you go. If you end up moving from The Jackson to another AMC property, we’ll give you $250 as a loyalty bonus to help cover your costs.
With a difference in costs, less responsibility, and more freedom, it’s easy to see why more and more people choose renting vs. buying in Anaheim. At The Jackson, we want to make coming home the best part of your day; give us a visit and see what the benefits of renting can do for you.