The great debate is still alive and well today. Should you rent or should you buy? I do agree with the Pooh but owning a home might not be in everyone else best interests today.
Home ownership used to be an attractive option, but after a financial crisis that sent home values tumbling, and with home prices now reaching astronomical levels due to a shortage, things have changed a lot just in the past decade.
Finding an affordable home may mean moving away from jobs and increasing commute times, which explains the a few situations across the U.S. If so, ownership might not be in your short term plans. Things do change even before the Pooh can react.
Is owning a home is still worth it?
The answer depends on whom you ask, what inputs are included in their model, and their general disposition toward investing—and the answer will almost always be “it depends.”
That is what EEor might say as well.
There are tools available to help you assess whether your current financial circumstances would render a monthly mortgage payment lower than your monthly rent. But there are many more factors to consider before you make what will likely be the largest purchase in your lifetime. We’ve tried to simplify the arguments for and against. If you’re a renter who is struggling to wrap your head around this question, here are two dueling perspectives on the great debate of home ownership.
If they were analyzing stocks, bonds, or the latest Wall Street product designed to maximize returns, their wisdom would need be needed. But in assessing whether to buy a house, one needs to take qualitative factors into account in addition to those quantitative factors. Because at the end of the day, you need somewhere to live.
Givens in the Pooh world.
1. Shelter is a basic human need
2. Home Ownership is an investment, and it is not financial suicide under the right conditions.
3. Retiring is easier as a homeowner. refer back to number 1, above.
4. There are better investments, places to invest your monies, depending on your current and future situation.
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