Anyone who lives in Southern California knows that the cost of living here is one of the highest in the nation. But for residents of Pasadena, it is becoming harder than ever to make ends meet.
Soaring Rent Rates Make This the Perfect Time to Buy a Home in Pasadena
Recently, a Los Angeles Rent Report from Apartment List has the median rental cost for a two-bedroom apartment at $2,630, and the median rental cost for a single-bedroom apartment at $2,060. There are some Southland neighborhoods like Venice Beach which have higher median rents, but as a city, Pasadena still ranks higher. In fact, the rents in Pasadena are now the highest in the entire metropolitan L.A. region, exceeding even Los Angeles metro.
While growth in rent rates in Pasadena has been flat over the most recent month, over the past year, rents have soared 6.6%.
There are two contributing factors to the rising rents: economic growth and a shortage of available housing.
Still, on the whole, the housing market in Pasadena is quite healthy. And this is in fact a great time to buy. If you can find a home which fits the bill in terms of what you need, you may very well find that buying is more affordable than renting. With renting, you are essentially throwing money down a black hole. With buying you are investing in your future.
Even though Pasadena is now the most expensive city in the L.A. metropolitan area to rent in, living here can be affordable if you get a great deal on a new home. Need help finding the lowest mortgage rates in Pasadena? Check this page for a handy mortgage calculator. You can also give us a call at (866) 303-7050. We have access to a network which provides us with the lowest rates in the area, including mortgages you will not find publicly listed. We can help you to find an affordable rate on your Pasadena dream home!