Purchasing a property is expensive. Yes, yes it is (especially in Santa Barbara). However, it's a great way to build long term wealth, and many times, just comparing monthly payments doesn't give you the whole picture. Did you know that approximately one third of what you pay in property taxes, mortgage interest and insurance (PITI) you get back when doing your taxes? It's because property taxes and mortgage interest are generally tax deductible. Although, beginning with the 2017 tax year, the total amount of state and local income taxes (which includes property taxes), is limited to $10,000 a year, this still makes a big impact for prospective home buyers looking below the $1,000,000 range. Rents also continue to go up in conjunction with rising home prices. A small tidbit of advice? If you are contemplating a home purchase in the future, it would be a good idea to talk to a lender about your options and your long term goals. Interest rates are still historically low, and that greatly impacts your ability to purchase as well. If you have a killer deal on rent, now may not be the time. But, if for some reason you had to relocate, what would your market rent be? And how does that compare to a mortgage? Part of purchasing a home is the ability to control your housing costs long term.