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49 Comments on Is the American commitment to home ownership waffling?
Renting is a FANTASTIC choice.....if you are a landlord. At the end of the day, those that make out well own property and those that make out really well own valuable property.
I think part of today's wishy-washyness about home ownership coincides with the "whatever" attitude that has permeated America today. If it takes people 6-7 years to be done with college and enter the work force because they "wanted to experience life"....I can understand how a big, adult decision like owning property would scare them to death. Obviously, this is not always the case...however.
Richard--great post, sir. It got the brain housing group moving
Yeah Richard, I agree. . .but are they buying it?
Our wildebeest (following jumping off a cliff) mentality in our culture gets you when you just finish college, get married and then sign a 30 year note. . that would essentially define your future.. .before you even start living. .
Whether you rent or buy, you pay for the home you occupy!
Hi Richard, if you can afford it, owning is always the better of the two. Equity is a good thing!
Richard. TLW and I ended up being tenants in 2009 for about a year. We hated it!! It was the uncertainty and lack of control of our future that got us back to home ownership. Security was our number 1 reason for wanting to own again.
Richard, I've seen this discussion springing up a bit lately. I just don't believe that it will fly. Home ownership is still the back bone of this country and I don't believe it will change.
Richard....excellent post. In our area, we have seen a large rise in renters, but most of these people are only "renters in transition". They still plan to ultimately own a home. They are renting now because:
They value the home ownership deduction, have concerns about property taxes, but ultimately would like to control their destiny.
Richard,
I have owned my own home for over 30 years but recently divorced, I was forced to sell and now rent a home.
It felt terrible. I felt like I was in college again. But, I have to tell you. I really like calling the landlord when anything goes wrong. I also like not worrying about whether any of the issues I see in my house will keep it from selling. Not mine - don't care. Lastly I bought a house at the peak of one market and sold at the bottom of another and it was terrifying. I was sure that I would never get rid of the thing and would be buried in the back yard. It did eventually sell and I bought a gorgeous home at the bottom and made money when we sold. I found the roller coaster a little unnerving!
I would love to own a home again and it has it's financial and emotional benefits but renting it okay too.
We shall see what the future holds.
Great post!
Richard, the benefits of home ownership far out weight leasing. People who realize this know the American Dream still exists.
If the economic benefits of rent vs. own were the only consideration, we could have a mathematical solution.
It isn't for many of us and the buyers with whom I have worked over the decades. It is. . .
HOME vs. Shelter.
A HOME is a multi-dementional asset.
A shelter is simply a place to sleep.
Right now, with Washington's War on Housing going very well, it is tough for many to acknowledge both the individual benefits of home ownership (and I agree that not EVERYONE is entitled to own a home...), and the community benefits of home ownership. I have been a big proponent of the notion that our job market is challenged because our housing market is challenged as well as vice versa. I also continue to believe that with a sensible approach to lending, starting from FNMA, FHLMC and the FHA on down, we could more quickly right our economic ship as buyers could buy, owners could refinance and save or improve, and towns, cities and states could begin to stabilize and ultimately grow. Home ownership is more than the American Dream --- it is a big part of the American Reality. Great post....thanks.
Nice job Richard. A home represents many more things but at the heart is stability. I work with Habitat for humanity and it's that basis of helping a family have a center of living and ownership as well as an investment.
Paying rent forever is a big waste. Short term for people not settled or who dont have the credit it makes sense.
Owning our home is our dream and it will be paid off in 6 years. :)
With everything that has been happening in the economy it can be a frightening proposition to buy a house, but people really do need to understand the benefits to home ownership and weigh their options.
Thanks for the good post today. I enjoyed the read.
I don't think the "American Dream is fading" We have to live somewhere and people still want to have their own home.
Patricia/Seacoast NH & ME
Everyone is buying real estate. The question is are you buying for you, or are you buying it for your landlord.
In our area it is starting to be a wash between buying and renting. However that won't hold. As the economy improves, renting is going to get more expensive and landlords are going to decide to sell their properties forcing tenents to move. Renting works in some economic conditions, but our area has rents that tend to swing back and forth and spikes in rents can not only force renters from the home they are living in- they can force them from the area altogether. There is far more stability in ownership.
If one desires to put down roots, home ownership is the way to go.