Deciding between buying or renting in the Bay Area can be a heart breaking decision, however, there are tools to help you with your decision.
What are some the pros and cons of purchase vs. buy.
Potential Profit: Having an asset or stake in property is one of the largest investments most families make which has the most potential for profit and building wealth vs. $0.0 return of equity when paying rent or HOA dues.
Monthly expense control: As a homeowner with a 30 year fixed mortgage, your monthly rent does not change. When rents or HOA fees increase, monthly budgets require re-evaluation.
Uncertainty: As a renter, you never know when you will receive an eviction notice. Owning a home gives you stability and ability to control your expenses.
Value of repairs: As a homeowner, repairs and remodels can dramatically increase the value of your home and equity vs. no return on repairs investments as a renter.
Tax Deductions: Homeowners can deduct mortgage interest from their taxes vs. renters that may not have deductions at all. Further upon selling your home there are potential gains, see: https://www.irs.gov/uac/Ten-Tax-Tips-for-Individuals-Selling-Their-Home
At the end of the day, buy vs. rent is up to the individual.
Check out this nifty rent vs. buy calculator: