Poll: Is home ownership the American dream or would you rather rent?
The price for renting a home or apartment is lower and more competitive than it has been in years.
The number of apartment vacancies has skyrocketed, leaving the market wide open for those seeking affordable rental agreements. Also, homeowners are leasing out their homes at lower prices just to keep the houses from sitting empty.
For some, it is an alternative more attractive than buying right now. For one, you don’t have to worry about the value of your home decreasing. There are no obligations for homeowner’s association fees, insurance (besides renters’ insurance), home repairs or property taxes.
Of course, you can’t get a tax break from renting and it’s not an asset for the renter. But there are fewer headaches as well. Is home ownership still the American dream?
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8 comments Add your comment
JacketFan
April 5th, 2010
2:11 pm
I mean, what’s the point? Long gone are the days when you could buy a home, improve it and then, after a few years, sell it for a profit. Homes are not investments anymore. It’s about like owning a car – homes depreciate in value over time. However, for me, that isn’t even the main reason why I prefer to rent. I don’t want the headache. I don’t want to deal with homeowner’s insurance, yearly repairs/upkeep, property taxes, landscaping, etc. You can say that I’m throwing my money away, but I ask the homeowners, “what are you throwing your money at?” I mean, is anyone really seeing a return on their investment in this day and age?
Benny Fitz
April 5th, 2010
2:45 pm
I’d prefer to live with a Sugar-Momma, who pays the mortgage, buys the groceries, and washes my dirty undies….
Blair
April 5th, 2010
3:17 pm
I would be much happier renting right now. I bought my home 4.5 years ago at the absolute peak for my zip code (down to the quarter). At this point my house is worth about a third of what I paid for it and it’s like an albatross to me. I couldn’t move if I wanted to. And the vast majority of houses in my area are investor- or bank-owned, so it will probably be one of the last areas to rebound. So yes, $1200/month rent for a sweet little 3BR in Oakhurst sounds very appealing to me right now. Too bad it’s not an option…
Byron Mathison Kerr
April 5th, 2010
4:10 pm
My rent is definitely lower than the property taxes, association fees, and upkeep expenses would be on a similar condo. And if I get a job outside the area, I just look for another apartment and move.
Owning a home became a required Yuppie symbol in the 1980s, and many young people still buy into it without seriously considering the pros and cons.
Tina
April 6th, 2010
4:50 pm
My husband and I bought a home. He decided to get on drugs and stop paying the mortgage. On my salary, I can’t afford to pay $1500 dollars a month, along with utilites and other expenses. If I was renting I could get out of my lease and get another place and not have this big debt on my credit.
Leigh Carado
April 7th, 2010
8:23 pm
Our home valued tanked nearly 50%. We were buying this house for over 8 years. Our income dropped over 50% so we moved from our large home. Now the homes in the area are selling for less than half of what most of the homeowners paid when they moved into the subdivision. We now rent and will buy again before the market begins to adjust. Ownership is always better, but in this economic downturn, renting makes better sense. Our dollar also goes a whole lot further. No lawn upkeep, home maintenance, homeowners insurance, lower utilities, no hoa fees, and the list goes on.
Reality
April 7th, 2010
9:35 pm
Damn Tina. That sucks!!!!!!!!!
Become An Investor
June 7th, 2010
11:51 pm
If you have Never Owned a home you will never know the advantages of Owning. In an apartment your Rights are Limited as per running your own business from the home. In an apartment there always has to be that consideration for your neighbor because of “Traffic”. Owning has many advantages. Peace of mind from people living upstairs or downstairs and their noisey guests. Freedom to allow your children to play in your Yard. Space. Any responsible person could not complaing about being responsible to pay for repairs or upgrades to their homes. I see more people demolish their homes because in apartments they get spoiled with the attractive new carpet, but in ownership they have to replace it and cant fathom forking out 2k or more per room. When you own you act differently-take your shoes off at the door and demand it of your guests. When purchasing with a spouse and you are both pay check to pay check the best thing to do is buy based on the most stable persons income. Tina’s situation is a Reality, but not actually SAD. Nothing like being left in a situation where you are holding all the cards. She can RISE at the TEST. Homeownership is a Freedom. Get into INVESTING and you will never go HUNGRY.