Prices are surging in both cases, which makes it complicatedFresno Calif. has had a 23.1% rent increase over the last 12 months which is well above the state of California (11.6%) and U.S. (15.1%) rent increases. The average one-bedroom apartment now costs $1,150.Buying vs RentingThere are limits to how much a landlord in California can increase rent. Every rental property that is not exempt from AB 1482 can only have an annual rent increase of 5% plus the annual Consumer Price Index (CPI) percentage change.“People who were renting in anticipation of buying a home are still renting because the housing prices have gone up so much; the house they wanted to buy a year ago is 20% more than it wasKEY POINTSHome prices are rising faster than rents, which is shrinking the affordability gap between being a homeowner and a tenant.Single-family homes are less affordable than they have been in just over three quarters of the U.S. — the highest total in 13 years, according to a real estate data tracker.All real estate is local, however. Homeownership is more affordable than renting in suburban and rural areas, but it’s cheaper to rent in big cities.Work with a good mortgage loan officer that put your best interest at heartGet Pre-approved before home shoppinghttps://www.mkgenterprisescorp.com/Find a good relator that knows the local marketFile two years of tax returns620 FICO Get Pre-Approved https://mkgenterprisescorp.com

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