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Old 11-19-2011, 07:39 AM
 
Location: Maine
561 posts, read 424,603 times
Reputation: 306

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Quote:
Originally Posted by cmforte View Post
On a slightly different but related issue, the American Dream included home-ownership and it was generally assumed that, all things being equal, every American had the opportunity to one day own a home. However, with more people now than there is land (312,631,000 people on 3.79 square miles), that is now impossible. Unless you include condos, maybe. Someone will always be renting, despite of their income level.
Historically, homeownership was NOT part of the "American Dream." Homeownership as the foundation of the American Dream only began after WWII. The American Dream traditionally had more to do with freedom, equality of opportunity, a chance to make a better life for yourself and your family. It was never about equality of outcome and nothing was ever guaranteed.

BTW – There are about 19 million square miles of land area in the US or 827 billion square feet. If you divide 827 billion by 340 million people there are about 2,400 square feet for each person. There is no shortage of building space in the US.
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Old 11-19-2011, 08:15 AM
 
8,266 posts, read 10,438,248 times
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Quote:
Originally Posted by knowledgeiskey View Post
Watch the video. You will understand.
lol

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Old 11-19-2011, 08:17 AM
 
8,266 posts, read 10,438,248 times
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Quote:
Originally Posted by chickenfriedbananas View Post
I think the key here is...if you're going to own a home, do it for the right reasons and take your time to shop around for a good buy. Buy a home to stay in it and build equity, and because the schools are good. If you buy it as an investment, then you're getting away from the true purpose behind home ownership in the first place...which is always risky.
Great post.

There is no blanket right or wrong answer as to whether home ownership is good or bad, different people have different goals and different situations.
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Old 11-19-2011, 08:25 AM
 
Location: Va. Beach
6,394 posts, read 4,266,928 times
Reputation: 2278
Quote:
Originally Posted by knowledgeiskey View Post
As mentioned in the video, owning a home is merely a status symbol.
Actually, owning a home for me simply made good economic sense.

1. I bought my home for lower than market value.

2. My mortgage is probably lower than most people near me pay in rent.

3. I can put in whatever carpet I want, paint the walls whatever color I want.

4. I am building equity, WHILE paying less money for my mortgage than my neighbors are paying in rent.
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Old 11-19-2011, 08:55 AM
 
17,080 posts, read 11,490,683 times
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Quote:
Originally Posted by knowledgeiskey View Post
Homeownership is not what people cook it up to be. Metros with higher percentages of homeownership have less vibrant economies than those who have less.


The Case Against Home Ownership - YouTube

Completely disagree. Just don't buy an overpriced home, as many people did.

What does home ownership do?

1. stimulates the economy- People are more willing to add additions, keep up and maintain property they own, rather than rent. This helps to employ plumbers, electricians, carpenters, and home appliance sales.

2. tax base. More homes means higher local tax revenues for municipalities

3. equity to obtain loans- this helps stimulate the economy, such that consumers can buy other goods, based on loans against home equity.

4. Prevents blight- owned homes are better maintained, which provides a positive "feed forward" mechanism for other properties in the area. Rentals are poorly maintained and drive down the value of adjacent properties and induce people to leave the area.
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Old 11-19-2011, 01:30 PM
 
47,576 posts, read 59,065,367 times
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Quote:
Originally Posted by knowledgeiskey View Post
As mentioned in the video, owning a home is merely a status symbol.
Not really. It can mean you get to paint your walls in colors instead of putting up with bland white walls everywhere, you can have some landscaping that you do yourself.

It's not just about the money because property taxes in many places make home ownership extremely expensive. It's just what someone wants - they can rent or they can buy.
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Old 11-19-2011, 01:37 PM
 
Location: Southern California
1,435 posts, read 1,302,081 times
Reputation: 250
Quote:
Originally Posted by Recovering Democrat View Post
Historically, homeownership was NOT part of the "American Dream." Homeownership as the foundation of the American Dream only began after WWII. The American Dream traditionally had more to do with freedom, equality of opportunity, a chance to make a better life for yourself and your family. It was never about equality of outcome and nothing was ever guaranteed.

BTW – There are about 19 million square miles of land area in the US or 827 billion square feet. If you divide 827 billion by 340 million people there are about 2,400 square feet for each person. There is no shortage of building space in the US.
I don't want every square feet of land in the US developed. Can you imagine driving from LA to NY and seeing a never-ending cookie-cutter, stucco-full housing tract continuously with no end? CA is almost like that, already. I find it sad.
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Old 11-19-2011, 02:04 PM
 
Location: Austin
29,085 posts, read 15,719,505 times
Reputation: 7783
Quote:
Originally Posted by knowledgeiskey View Post
As mentioned in the video, owning a home is merely a status symbol.

Maybe for you, but not for most of us. I have a large home that I enjoy quite a lot and don't care about status. As long as I can afford it, I'll have a large home with plenty of space to enjoy.
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Old 11-19-2011, 02:06 PM
 
Location: Austin
29,085 posts, read 15,719,505 times
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Quote:
Originally Posted by cmforte View Post
I don't want every square feet of land in the US developed. Can you imagine driving from LA to NY and seeing a never-ending cookie-cutter, stucco-full housing tract continuously with no end? CA is almost like that, already. I find it sad.

It's not sad at all. People have a choice. If they choose to buy "cookie-cutter, stucco houses" then that's fine. If they choose to live in a tiny apartment in NYC, that's fine too. But it's not sad.

And at our present growth rate, it would probably take a few thousand years to fill this country with houses.
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Old 11-19-2011, 02:07 PM
 
Location: Maine
561 posts, read 424,603 times
Reputation: 306
Quote:
Originally Posted by cmforte View Post
I don't want every square feet of land in the US developed. Can you imagine driving from LA to NY and seeing a never-ending cookie-cutter, stucco-full housing tract continuously with no end? CA is almost like that, already. I find it sad.
Please forgive my math error.

Assuming a population of 330 million, there are about 8 acres for every man, woman and child in the country.
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