California – “Renting Now Cheaper Than Owning”

That’s a headline from today’s L. A. Times 2/21/14, at p. B2). No comment seems necessary.

But be careful. This applies only to the “in” counties bordering on the Pacific: Los Angeles, Ventura and OrangeĀ in Southern California. and Santa Clara, Alameda and San Francisco up north. To qualify for a loan on one of these houses the buyer would have to have an annual income of $95,389. Rots of ruck!

Quoth a local housing maven, “The cost of financed homeownership is becoming dangerously disconnected with still-stagnant median incomes.”

Bubble, bubble, . . .

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