There seems to be a raging debate in the investment community as to whether or not home ownership is a good thing. Historically, homeownership has provided appreciation, stability and economic benefits as a base industry for our country.
There have been a couple of episodes of recessions and financial panics where real estate has dropped significantly in value and remained that way for several years. However, over the long term prices have trended up at or above the levels of inflation.
Also, homeowners have control over their property and as long as they pay taxes, utilities and their mortgage cannot generally be forced to move. As a property owner you can do improvements make the place look the way that you want. Renters are at the mercy of their landlord and can be the victims of a 30 day notice, deferred maintenance, and regular rent increases.
There are times when renting is better than owning. For example, when you move to a new city, or relocate for a job that you are not sure is going to be a long-term career, college student, or any situation where you might be moving in less than three years. In some high-cost metropolitan areas it is prohibitively expensive to purchase, so renting may be your only option.
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