From: artisticwill@worldnet.att.net (rocketman58)
Newsgroups: misc.invest.real-estate
Subject: Buying a house in California vs renting
Date: 23 Jan 2004 11:09:13 -0800

My wife and I have been planning to purchase a home in Southern
California for the past 14 years.  We ended up renting a 4 bedroon
house for a very reasonalble amount.  We started saving for a healthy
downpayment, but prices were always just out of reach.  Well over the
past few years, homes in our area have doubled.  Even with low
interest rates, I belive less than 20% of families can aford a home
now.  We are still renting for the same $ as 14 years ago.  That is
less than 50% of what the home should rent for now.

So, what't the probem.  Sounds like a pretty good deal?  Well I'm in
my mid 40s right now.  I will not be able to rent this house forever. 
The owner is getting up in age.  Sooner or latter I need to buy a
home.

I have 20 years till retirement.  Homes in this area are going for
470,000 right now (this is a typical middle class area!)  I'm not sure
I can even qualify for a house at this price.  Maybe there are some
1st time buyer's programs to take advantage of?  By the time I retire,
homes will be well over a million dollars at thier current rate of
growth.

What yould you suggest?