Booming housing prices in several California cities have far outpaced rental prices, according to a new analysis by real estate brokerage Redfin.
“It probably doesn’t come as a surprise that there are virtually no homes in the [San Francisco] Bay Area that are cheaper to buy than rent,” the national real estate company reported May 19.
Buying a home in San Jose, Calif., a central hub for tech companies, is 165 percent more expensive each month than renting, according to Redfin. This was the biggest gap among the 50 cities used in the analysis. The median monthly mortgage in San Jose is $11,049, compared to the median monthly rent of $4,176….