Homeownership is About to Revive

February 10, 2010

For a time the past several years, articles were being published that suggested that owning your own home was not so great. Recently, it seems, there may be a renewed interest in owning versus renting.

Initially this interest may have been driven by the remarkably reduced prices of homes. Then the federal government stepped in with the $8,000 tax credit for first time homebuyers. Then the interest rate on 30 year fixed rate mortgages continued to remain around 5% fully amortized - no fancy teaser rates or terms. Then, I suspect, renters realized how nice it would be to paint your walls any color you liked or enjoy a yard that you did not share with strangers.

Perhaps, deep down, we humans really like to control our own domain. Owning a home is being in control of your own immediate environment. You choose, the location and the amenities. You can change those amenities to fit your tastes and your lifestyle. You can be the "king" or "queen" of your own domain. How special is that?