I would strongly encourage you to look closely at the numbers. There are so many involved that nothing short of an actual model of all involved factors is enough to demonstrate the true return profile.
I might post mine here for reference when I get home later. It unequivocally demonstrates that it is far better to be a California renter than a California homeowner (at least for LA/SF). And yes I accounted for a locked in property tax rate. It’s still not even a close contest.
I will note however that the Case-Schiller index is at historical highs atm and this is a substantial driving factor in the current calculation around homeownership. That may change with a correction in the real estate market.
I might post mine here for reference when I get home later. It unequivocally demonstrates that it is far better to be a California renter than a California homeowner (at least for LA/SF). And yes I accounted for a locked in property tax rate. It’s still not even a close contest.
I will note however that the Case-Schiller index is at historical highs atm and this is a substantial driving factor in the current calculation around homeownership. That may change with a correction in the real estate market.