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Do You Think It's Better to Rent a Home or Own a Home?

News 2011/02/25 19:00:00
Related Topics: Credit, taxes, Home, Tax
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The collapse of the home market has people seriously reconsidering the "American Dream."

Our grandparents and our parents continually pounded into our heads that we wouldn't be successful until we owned a home. Being a dedicated part of the community and having a stable place to live would lead to a happy life and a happy family, our folks told us. But is it so?

The general myths surrounding home ownership are these: If you rent, you're throwing your money away; owning is a safe path to savings; and you can build equity.

With the explosion of the housing bubble, none of these are true for the most part. Homes are now worth less than they did three years ago, and no economist believes owners will be able to get that back, inflation aside. Property taxes continue to rise.

If you rent, you don't have to worry if a pipe bursts. You call the landlord. There are no taxes to pay, and in the end, after all of the expenses are added up, renting can be cheaper. You can also up and leave much easier.

But is home ownership strictly about financial reasons? How much is stability and a sense of community worth to you? While our parents might think that home ownership leads to contentment and financial stability, we now know differently. What would you do?

Read More: http://blogs.reuters.com/felix-salmon/2011/02/21/m...

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Top Opinion

  • Dano 2011/02/25 22:08:34
    It's better to own
    Dano
    +10
    It is unfortunate that Obama's renting the White House from the Chinese.

    obamas renting white house chinese

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Opinions

  • KAINASAU 2011/04/09 00:54:27
    It's better to own
    KAINASAU
    better to own my own house than renting... u may not know wot will happen next.. circumstances do happen!!!!
  • john doe 2011/02/28 18:44:12 (edited)
    It's better to own
    john doe
    +1
    Just as long as you buy what you can afford and not get suckerd into this evil credit system that turns people into slaves. It is the ignorance and greed of
    America that destroys us.
  • harley oldman 2011/02/28 18:40:36
    It's better to own
    harley oldman
    +1
    WELLLLL.................It really depends on how much you like to cut the grass..!
  • Chaz 2011/02/28 18:11:36
    It's better to own
    Chaz
    +1
    really what a stupid question, with anything in your life its better to own. Ok so the person your renting from always tends to be doing better in life than most of the renters.... HMMMMM maybe its because they own it.
  • CCHHii<3 2011/02/28 18:02:52
    It's better to own
    CCHHii<3
    +1
    if u only rent it will cost more than buying ur own..and theres a lot of way on how to own a house..and not waste money on some people's house
  • AP 2011/02/28 17:48:43
    It's better to rent
    AP
    Homes are cheap now, but there is still not much profit to be made. They are simply not a good investment anymore. If you are wanting to stay put for awhile, then I change my answer to buy it, but if you're looking to make money....good luck, you'll need it.
  • Blueskies AP 2011/03/01 08:08:53
    Blueskies
    +1
    Homes are homes, first and always. A place for you to live in some security and comfort.
    If you need a place to live anyway, its better to buy.
    Prices now are so low many investors are buying to use as rental property.
  • AP Blueskies 2011/03/01 20:35:10
    AP
    I agree, except many people weren't buying homes for homes, they were buying them as investments or retirement plans, which isn't a good idea for you anymore.
  • NidStyles 2011/02/28 17:48:07
    It's better to own
    NidStyles
  • b man 2011/02/28 17:33:26
    It's better to own
    b man
    +1
    buy baby buy....... right now deals are a dime a dozen, although banks are getting strict, as they should have always been no thanks to Clinton.
  • K.Kramer - BN-03 2011/02/28 17:30:22
    It's better to rent
    K.Kramer - BN-03
    . . . for my family, anyway. We're military. Much easier to up and move when we have to if we aren't tied to a mortgage.
  • Blueskies K.Krame... 2011/03/01 20:46:57
    Blueskies
    +1
    One of the many downsides to a military career.
  • K.Krame... Blueskies 2011/03/03 18:05:51
    K.Kramer - BN-03
    +1
    It may have downsides, but we find there are more upsides to it. I grew up in a military family, moving about every 2 years, married military and moving much less frequently, and have always been humbled seeing the respect and appreciation that others have for my loved ones. It really makes it worthwhile to us.
  • Blueskies K.Krame... 2011/03/03 21:35:03
    Blueskies
    I'm a USAF vet but it was duty, not pleasure, and a job best suited to the young, and really hard on families from what I saw. One enlistment was enough, I left to get married. Of course, payscales were much less then to, many military families lived on welfare- another reason to leave the military if you wanted a family.
    I'm glad the public treats you well, and know the housing and pay are at least much better than during Viet Nam, if not as good as it should be. Thanks for being ther for us.
  • K.Krame... Blueskies 2011/03/04 16:12:10
    K.Kramer - BN-03
    +1
    Pay is definitely still not what it should be. There are still too many military families who need welfare assistance at some point. But at least the public is more supportive than what my parents have told me about during their time (Vietnam). And my thanks to you for having served.
  • say what? 2011/02/28 17:20:58
    It's better to own
    say what?
    +2
    Just made my last payment.Don't have to worry about rent going up or a landlords whims.
  • Deviant 2011/02/28 17:12:26
    It's better to own
    Deviant
    +1
    Over the long haul it is far better to own
  • Chaika 2011/02/28 16:45:32
    It's better to own
    Chaika
    +1
    If you can purchase outright and no Debt! but a lot are not in such a Financial position to do this, So if you Mortgage you are just in a situation where you may never be able to get out of Debt which is exactly want the Banks want
  • rugrat1411 2011/02/28 16:37:54
    It's better to own
    rugrat1411
    +2
    Better to own because no one can kick me out or raise my rent. I can do whatever I want whenever I want and don't have to worry about someone complaining to the landlord.
  • PapaBC 2011/02/28 16:22:26
    It's better to own
    PapaBC
    With the market as it is today... Renting for a short time could be better.
  • Ber 2011/02/28 16:19:35
    It's better to rent
    Ber
    there should have been OTHER.....We've been paying on our house for 14 years. Owe less than 90,000 because we payed extra towards the principal each month to pay house off so we could sell this year When hubby retires. What a big mistake. Now the neighbors house sold for 65,000, and its larger than ours. So....we are screwed. So now we have to move away and let them foreclose on our home. First time in 37 years I will miss a house payment. So own if you don't plan on retiring and moving. Rent if you are. what can i say. "American Dream"? no "American Screw Job" yes Very good luck to all that are loosing their HOMES. Isn't fun your good credit gets washed down the drain. sad sad sad
  • nukenova 2011/02/28 15:59:30
    It's better to rent
    nukenova
    In todays economy with houses costing all a man can make for his whole life you are better off to rent. When I was in high school we where told by the economics teacher a working man shouldn't buy a home costing more than he could earn in 3 years for fear of never owning it. Face it the banks own all houses not the people living in them.Everyone rents.
  • bob 2011/02/28 15:44:16
    It's better to own
    bob
    +1
    It's nice to say that I own my house, although it's hard to move to another job and have to sell my house.
  • nukenova bob 2011/02/28 16:07:56
    nukenova
    Did you have a clear deed and a paid mortgage?Or did you just change bank owner to rent from.
  • John 2011/02/28 15:26:38 (edited)
    It's better to own
    John
    +1
    But, there are advantages and disadvantages. The good news is that interest rates will never be lower. However, real estate analysts say that the value of homes may drop by as much as 25% before the market hits bottom if the oil markets don't stabalize and the middle east is uncertain. You have a tax deduction for mortgage interest and real estate taxes. However, you better be prepared for maintenance and repair costs. My son bought a relatively new home 2 years ago and has already spent over $4,000 in unexpected costs. Lucky for him I'm retired and did a lot of remodelling work for him. However, the $4,000 he had to pay out of pocket was plumbing and electrical, something I'm not licensed for. They build these houses like a matchbox. They fall over when an 80 per hour wind blows and they want $250,000 for the junk they build these days. A bunch of 2 X 4s splapped together with minimum insulation, siding, roofing shingles,, drywall, and paint. It's a joke!. Yes, generally, it is better to own, but not now. Wait at least a year to see if the market stabalizes. Otherwise, you'll have a home where your morgage is higher than the value of the home.
  • My2cents4HeIsPreator 2011/02/28 15:21:45
    It's better to own
    My2cents4HeIsPreator
    +1
    In the end, all that rent money would add up to a large sum, enough to buy a house.
  • smitty 2011/02/28 14:59:24
    It's better to own
    smitty
    +1
    It is just like stocks. Buy low sell high. The market will rebound, but who knows when. 5 or 10 years from now we will still be asking the same question but the other way.

    Also depends on if we keep electing fools into government.
  • Shayes ™ 2011/02/28 14:58:47 (edited)
    It's better to own
    Shayes ™
    +1
    There are pros and cons about both except with renting, you're not responsible for cutting the grass, repairing the roof and most of the external wear and tear of the home.

    But, nothing fills you with more pride than home ownership. It's a real sense of accomplishment. Of course though, to someone moving out of their parents place for the first time, they'll take GREAT PRIDE in renting a 1 bedroom, roach infested apartment.

    I'd still rather own than rent.With renting you NEVER own the property and basically you're just lining someone else's pockets with cash. And you'll never have something you can pass on to your kids. Provided you still liked them before you pass away. :)
  • earl 2011/02/28 14:47:06
    It's better to own
    earl
    +3
    Now's the time to buy. Interest rates will soon go up. lot's of deals to be had out there.
    Esp. in the Midwest.
    Nothing wrong with renting if you don't want the responsibility and up-keep.

    Please note that you should not spend more than 1/3 of your monthly income on payments. No matter what the bank or your real-estate agent tells you!!!!!!!
    Along with down payment have 6mo. payments savings.
  • sodabox 2011/02/28 14:41:26
    It's better to own
    sodabox
    +2
    This is a buyer's market, as long as you can stay in it for years.
  • Ber sodabox 2011/02/28 16:23:32
    Ber
    yea don't plan on retiring anytime soon, or you lose all you've worked for.
  • Mystical♥Gleek 2011/02/28 14:33:16
    It's better to own
    Mystical♥Gleek
    +2
    When you own, it's more like your home. You can change things.
  • ♥♥The Ultimate Sexy One♥♥ 2011/02/28 14:15:45
    It's better to own
    ♥♥The Ultimate Sexy One♥♥
    +2
    I say that because when you rent a home you cant change it around and make it more homie for you. You have to keep it the way it is
  • Sammie 2011/02/28 14:10:51
    It's better to own
    Sammie
    +2
    I can only speak for my country, and I think it's better to own a house. Nothing like owning your own place, and plus, you feel more secure.
  • [Kat☮strophic☠Kelly]ツ ♥ 2011/02/28 14:04:59
    It's better to own
    [Kat☮strophic☠Kelly]ツ ♥
    +2
    no monthly payments
    although if you were the owner of the house, its better to rent out your place so you get paid monthy..
  • Shayes ™ [Kat☮st... 2011/02/28 15:01:53
    Shayes ™
    +1
    So true!
  • [Kat☮st... Shayes ™ 2011/02/28 15:05:13
    [Kat☮strophic☠Kelly]ツ ♥
    +2
    yup my mom is payin rent and it bugs me. my landlord died so she's paying to his family. i dont see why we just own it now..
  • Shayes ™ [Kat☮st... 2011/02/28 17:01:39
    Shayes ™
    +1
    Yep! You're basically at the whim of the landlord and God forbid they decide to raise the cost of rent. That could really put a lot more people in the poor house for sure.
  • [Kat☮st... Shayes ™ 2011/02/28 18:39:00
    [Kat☮strophic☠Kelly]ツ ♥
    +2
    yeah..
    i try tellin my mom but she doesnt listen to me. she thinks im just sayin it because im a teen and i dont know anything about life yet, but i took housing and interiors and it talks about that stuff so i know what im talking about..
  • jackolantyrn356 2011/02/28 12:36:00
    It's better to own
    jackolantyrn356
    At the age of 61, with several degrees of education and a thirst for a Home to raise my family. My Family is all raised and I still cannot find a way to own a home. Is it because they call me white and there's a problem. ????
    Well, it seems like that.
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