If you are looking for the best communities where renters can enjoy benefits versus homeowners, look no further! Here are the top 5 best communities to rent in Southern California:
1. Loma Linda – Loma Linda is sought for Loma Linda University Medical Center. This amazing city acquires moderate costs to rent and more housing units for local renters compared to buyers. Further, with around a sixth of the population in the city enrolled at this university denotes why the rental units make up around 62.1% of housing in the city along with a 4.9% vacancy rate.
2. Redondo Beach – Situated on the southern part of Los Angeles County, this community in Southern California has a moderate level of affordability and availability for renters. Even though its rental vacancy rate reaches 4.2%, this is slightly lower than the standard average house for renters that make up 47.3% of entire homes. Further, did you know that the median rent of 42,715 includes 32% of the median income of the residents? Redondo Beach also has the most reasonable housing program to help its local residents.
3. Newport Beach – The coastal city of Orange County – Newport Beach – acquires a low vacancy percentage of 3.3% however its median rent is recognized to be the second most expensive in the top ten at $3,242. Moreover, even with the median income of residents of $103,333, the ratio of price-to-rent of 26.6% means it is better to rent in Newport Beach instead of buying a property. The good thing about this community is that it connects the local residents with reasonable rental housing opportunities via the housing choice voucher program of the Orange County Housing Authority.
4. Manhattan Beach – Along with a median household income rate of $139,259, Southern California residents lives in the one of the most prosperous cities in Southern California and Los Angeles County. Nevertheless, even with a higher number of income, the ratio of price-to-rent of 26.12 tells that it is better to rent a property here than buying a home. Apart from that, for those hunting for a housing, knowing the vacancy rate of 4.7% in the middle-range for every city also helps.
5. Goleta – Goleta, being the only city in Santa Barbara County has a huge renter population, along with rental units making up 44.7% of total housing. In this community, residents do not spend as much of their average income of around $73,691 on housing. The 33.14% goes to their rent that is slightly less than the median of other cities in Southern California.
Renting in these five cities may be a bargain, but does it make sense for you and your neighborhood? If you're looking to save money by staying in your high cost mortgage vs. selling your home and renting, BuyMyHouseToday.com has a calculator and guide to help you make the best decision.
The best part is if you do decide to sell, they can pay for your first three months rent and let you stay as long as you need or close within five days. They work off of your timeline and your bottom line. Wanna learn more? Go to BuyMyHouseToday.com
There you have it, the best up and coming communities to rent in Southern California.