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Old 04-06-2013, 09:24 PM
 
805 posts, read 1,157,354 times
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American society has long prized home ownership (ie: the "American Dream") and looked down upon renting. Do you agree with this element of American culture?

Personally, I do not and believe the decision to own or rent is a matter of personal choice. Home ownership should not be subsidized like it currently is by the government (Fannie, Freddie, mortgage interest deduction, bankruptcy protections, etc.,), especially considering that renting is in many ways better for society (better for the environment and allows for more labor market flexibility).
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Old 04-07-2013, 02:52 AM
 
Location: Taos NM
5,314 posts, read 5,036,270 times
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I totally agree. Sure home ownership has benefits, but so does renting. If a person can not get a loan, then they aren't entitled to a house.

Most renters are generally lower income workers. Most lower income workers are generally mobile, meaning they don't keep jobs in the same place very long. Also, home ownership requires a steady income, which many low income workers don't have. So why should ownership be encouraged over renting for these people?

I think for low income housing that vouchers to help with rent are by far the best method to assist with housing. Fannie and Freddy, mortgage interest deductions, bankruptcy protections... should all be done away with.
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Old 04-07-2013, 03:40 AM
 
Location: Portlandia "burbs"
10,229 posts, read 16,233,519 times
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Boy, I don't know what rent is like in y'all's neck o' the woods, but here in the Pacific NW it is very high. High enough that I've wondered what people whose homes went into foreclosure have done for an alternative. Because renting a house for less than $1500 a month is very hard to find. And when one is paying that kind of money for rent, then yes ~ I think it's pretty stupid unless one really has that kind of income to blow.

We have a few low income housing that operates on vouchers, too, and some of them are in the center of trendy, spendy neighborhoods. Go figure.
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Old 04-07-2013, 04:01 AM
 
Location: Henderson, NV
585 posts, read 961,505 times
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Quote:
Originally Posted by Just_the_facts View Post
American society has long prized home ownership (ie: the "American Dream") and looked down upon renting. Do you agree with this element of American culture?

Personally, I do not and believe the decision to own or rent is a matter of personal choice. Home ownership should not be subsidized like it currently is by the government (Fannie, Freddie, mortgage interest deduction, bankruptcy protections, etc.,), especially considering that renting is in many ways better for society (better for the environment and allows for more labor market flexibility).
With renting it seems like you're indebted to the person you're renting from. If you own yourself you get to do whatever you want with it. You are pretty much free.

My family and I have been in an apartment or rented part of a duplex from someone for years and, honestly I really don't like it any more. It's cramped, especially the two bedroom one I'm living in now. I have to basically share it with my mother (she sleeps on the couch). As soon as I get enough money, I'm getting a nice big house with a nice big backyard like I had growing up.
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Old 04-07-2013, 07:01 AM
 
320 posts, read 536,209 times
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Rent in the D.C. area is outrageous. Renting a 2 bedroom in a moderately decent area can cost nearly as much as a 3 bedroom home in some areas. That's without factoring in equity and tax breaks. I had been renting for years before my wife and I bought a home and there is no comparison as far as I'm concerned. The privacy you get with owning a single family home alone is worth the leap. I never have to worry about my neighbors playing loud music or stomping around back and forth above me while my children try to sleep.

In my opinion, communities would have a difficult time developing without homeownership. I personally don't see how renting is better for society. Generally, most areas with higher percentages of homeownership tend to have closer knit communities. When people invest in an area they are more apt to work together to maintain that area (i.e. neighborhood watches, town hall meetings, community gatherings, etc.). If something happens in a neighborhood that folks don't like, the neighbors can work together to solve the issue. In rental communities with people constantly moving in and out, the prospects of this happening has been low in my experience. So in my opinion, homeownership has great benefits...and not just to the homeowner.
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Old 04-07-2013, 07:34 AM
bUU
 
Location: Florida
12,077 posts, read 10,647,810 times
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Some of this stems from the original mechanics of the tenant/landlord relationship: The landlord was literally Lord of the manor, and the tenant was essentially beholden and explicitly subservient to the landlord. Only landowners had a role in determining the path of society; they voted as a trustee of the tenants' interests. Home ownership therefore represents the modern concept of being a free person.
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Old 04-07-2013, 08:11 AM
 
487 posts, read 857,631 times
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[quote=Phil P;29013974]I totally agree. Sure home ownership has benefits, but so does renting. If a person can not get a loan, then they aren't entitled to a house.

Most renters are generally lower income workers. Most lower income workers are generally mobile, meaning they don't keep jobs in the same place very long. Also, home ownership requires a steady income, which many low income workers don't have. So why should ownership be encouraged over renting for these people?



Quote:
Originally Posted by EHCT View Post
Rent in the D.C. area is outrageous. Renting a 2 bedroom in a moderately decent area can cost nearly as much as a 3 bedroom home in some areas. That's without factoring in equity and tax breaks. I had been renting for years before my wife and I bought a home and there is no comparison as far as I'm concerned. The privacy you get with owning a single family home alone is worth the leap. I never have to worry about my neighbors playing loud music or stomping around back and forth above me while my children try to sleep.

In my opinion, communities would have a difficult time developing without homeownership. I personally don't see how renting is better for society. Generally, most areas with higher percentages of homeownership tend to have closer knit communities. When people invest in an area they are more apt to work together to maintain that area (i.e. neighborhood watches, town hall meetings, community gatherings, etc.). If something happens in a neighborhood that folks don't like, the neighbors can work together to solve the issue. In rental communities with people constantly moving in and out, the prospects of this happening has been low in my experience. So in my opinion, homeownership has great benefits...and not just to the homeowner.
Owning a home or renting? Well it there are many variables. It depends on what area in the country
you live in. Some cities are more expensive than others so buying might be a better alternative.
However, the notion that renters are usually lower income workers is derogatory. There are many
people who rent because they do not know the certainty of their job (whether they may get a transfer
or find a new job in another city). Owning a home in this type of situation would put them in
a difficult position i.e, selling the home, renting it out & all the problems that come with that.
People also move to be near their families, want to downsize, etc.. so renting is a good option for
them until they decide where to go or what they want to do.
If you are younger, plan to have a family, know your job is secure and plan to live in a home for
several years then home ownership is a good idea.
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Old 04-07-2013, 09:11 AM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,414,573 times
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Quote:
Originally Posted by Just_the_facts View Post

Personally, I do not and believe the decision to own or rent is a matter of personal choice. Home ownership should not be subsidized like it currently is by the government (Fannie, Freddie, mortgage interest deduction, bankruptcy protections, etc.,), especially considering that renting is in many ways better for society (better for the environment and allows for more labor market flexibility).

Personally I think it should be subsidized. If it wasn't I would be paying more out of pocket and wouldn't be able to write off the interest on my 2.75% fixed mortgage which saves me a ton of money that I invest in the stock market. [Does your landlord write off the interest on the property he rents to you and pass the savings on to you the renter?]

Owning a home is better for the environment because renters don't care about the environment.

It's my decision who flexible I want to be. I bought a home in a region with lots of jobs. If I loose mine, it's unlikely I would have to move.
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Old 04-07-2013, 09:25 AM
 
Location: Bike to Surf!
3,080 posts, read 11,029,268 times
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Quote:
Originally Posted by Just_the_facts View Post
American society has long prized home ownership (ie: the "American Dream") and looked down upon renting. Do you agree with this element of American culture?
Yes. I've been a renter for my entire adult life, and I can tell you that I am not nearly as invested in my communities as I would be were I an owner. I would never make beneficial modifications to a place I do not own, and I will do only the minimum upkeep to keep my personal living space habitable. I'm not a packrat, I always pay rent on time, and I'm not a dirty person, but why should I invest my money and time in someone else's property?

I hope to buy soon, and I am very much looking forward to customizing my abode, keeping the interior and exterior looking good, and getting involved with my neighborhood and town. I just don't do that--and I don't see why anyone who rents would--when you could be tossed out and living in an entirely different area within a month or a year.

The US should encourage home ownership to improve civic involvement of residents.
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Old 04-07-2013, 09:30 AM
 
353 posts, read 393,495 times
Reputation: 228
Quote:
Originally Posted by Just_the_facts View Post
American society has long prized home ownership (ie: the "American Dream") and looked down upon renting. Do you agree with this element of American culture?

Personally, I do not and believe the decision to own or rent is a matter of personal choice. Home ownership should not be subsidized like it currently is by the government (Fannie, Freddie, mortgage interest deduction, bankruptcy protections, etc.,), especially considering that renting is in many ways better for society (better for the environment and allows for more labor market flexibility).
Home ownership has many advantages, specifically for those who have children. Children typically do best in stable environments. I grew up in a home owned by my family. I loved having my own room and yard space. I also enjoyed establishing friendships with the children in my neighborhood and liked the fact that my family and I were strongly rooted in a community.

After college, I rented my first place, and currently, despite the fact that my income has gone up substantially over the years, --still rent. I enjoy moving around (I do not have any children) so it's easy to pack up after my lease has ended and explore housing options in a different area, that's not too far from my job.

I don't think one option is necessarily better than the other; I do however think that each person's predicament will determine which option works best for them. If people have children, it may be best to provide stability by purchasing a home, but if they are single and do not want to commit to any particular place, perhaps they should just continue to rent, until they have the inclination and ability to purchase property within their desired community.

Last edited by Mary20852; 04-07-2013 at 10:14 AM..
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