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Lawmakers try to provide relief from high rent prices

Posted by Mehran Aram on Mon, Jun 10, 2019 @ 05:06 AM

After a California ballot measure to expand rent control failed last November, lawmakers are looking into other options to curb the seemingly endless increase in the state’s rent prices. Legislators are weighing bills that would take dramatic steps to control prices like prohibiting landlords from raising the rent more than 5 percent per year after inflation. A new rent control proposition is also expected to be on the ballot in 2020, according to an article on Realtor.com.

On a local level, the city of Long Beach, where rent costs have shot up by more than 25 percent since 2014, is forcing some rental unit owners to pay for a tenants moving expenses if they raised the rent more than 10 percent in the previous year.

In San Diego, where rent prices are among the highest in the nation, someone making $40,000 per year may still need a roommate to avoid monthly living expenses eating away more than half of each paycheck.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Mortgage rates, Rent, California Housing Market, Rental Prices, High Rent, California Rent Prices

Nearly half of renters wish they were owners

Posted by Darius Aram on Mon, Jun 3, 2019 @ 05:06 AM

Despite the increased cost, repairs, taxes and insurance, 45 percent of renters regret renting instead of being able to buy a home. This is more than five times the share of homeowners (8 percent) who regret buying instead of renting. This information comes from a survey conducted by Zillow Research.

The top two regrets that renters have include not being able to build equity in a property and not having the ability to customize or improve their home. This was followed by feeling that that rental prices are simply too high.

87 percent of renters have regrets about their current home compared to 72 percent of people who own. San Diego ranked near the top, with 91 percent of renters reporting at least one regret.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego, homeowners, home equity, Zillow, homeownership, Mortgage rates, Renters, San Diego Housing Market, Rental Prices