Forbes decided to give it to us, in the form of an informative little article detailing some of this country's most highbrow neighborhoods, where residents pay astronomical amounts for the privilege of owning their properties instead of renting them.
These are the few pockets where homeowners are still willing to take a chance on the future appreciation of their homes. First place mentioned?
Ladies and Gentlemen, your very own San Jose, CA.
Particularly the neighborhood of Willow Glen, where residents pay the city's highest prices relative to what they could pay to rent similar properties in the same area. Chances are, the people paying crazy mortgages in Willow Glen won't lose out. San Jose, like most of the Silicon Valley area, has weathered the foreclosure crisis very well and has insurance in the form of tech jobs that should bolster prices in the years to come.
Still, seeing how much money owners are willing to pay to hold onto their properties in Willow Glen is an eye opener. In America's Most Overpriced Zip Codes, Matt Woolsey writes--
"When you compare mortgage payments to the value of a similar home on the rental market, the price to buy is 26.1 times higher, one of the biggest differences in the country."But it could be worse. It could be TriBeCa, or Boston's Chinatown. Other similar neighborhoods include downtown Seattle, Mission Hills San Diego, and Coronado, Phoenix.
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