As the spring semester wraps up, graduates across the country are preparing to take their next big steps into adulthood. A major part of that journey is deciding where to live and whether buying a home or renting an apartment makes more sense for their goals and lifestyle.
For our final project of the semester, I explored this question with a focus on California given my own interest to potentially live there after graduation. The project examined the effect factors like urbanicity, income, housing prices, and monthly costs have on housing markets.
Not surprisingly, urban areas with higher incomes tend to have higher home prices, and mortgage payments are often higher than rent. These trends can help new graduates and future residents decide which option is best for them. Is the convenience of city living worth giving up the chance to own a home farther out?
The right answer depends on each person's standards and what they are willing to sacrifice, but making an informed decision is always the best path.