Rent Versus Own
August 17, 2010
The debate concerning the benefits of renting versus owning or owning versus renting has been going on as long as I can remember. When the cost of purchasing a home rose so dramatically in the early years of this decade, many potential home buyers became renters out of financial necessity.
When housing supply becomes limited, rents rise. When we are in inflationary times, rents rise.
During the past several years rent have declined slightly due to more rental units becoming available. These units were not necessarily in typical apartment complexes, but were single family homes that either the owner could not sell and decided to rent or were properties purchase by investors taking advantage of the low prices of residential properties.
So, the question of whether to buy or rent continues to be asked. The best answer may still be "It depends".
It depends on how long you plan to stay in one location. It depends on how much you wish to have control of your living environment. It depends on whether you can afford a home in the area in which you wish to live. All of these "it depends" are for you to decide the value of ownership and the responsibilities ownership entails versus having someone else be responsible for the upkeep, but also being able to dictate rules for lessees.
Certainly n today's real estate environment with low interest rates and attractive home pricing, the rent versus own debate is skewed toward home ownership.
The debate concerning the benefits of renting versus owning or owning versus renting has been going on as long as I can remember. When the cost of purchasing a home rose so dramatically in the early years of this decade, many potential home buyers became renters out of financial necessity.
When housing supply becomes limited, rents rise. When we are in inflationary times, rents rise.
During the past several years rent have declined slightly due to more rental units becoming available. These units were not necessarily in typical apartment complexes, but were single family homes that either the owner could not sell and decided to rent or were properties purchase by investors taking advantage of the low prices of residential properties.
So, the question of whether to buy or rent continues to be asked. The best answer may still be "It depends".
It depends on how long you plan to stay in one location. It depends on how much you wish to have control of your living environment. It depends on whether you can afford a home in the area in which you wish to live. All of these "it depends" are for you to decide the value of ownership and the responsibilities ownership entails versus having someone else be responsible for the upkeep, but also being able to dictate rules for lessees.
Certainly n today's real estate environment with low interest rates and attractive home pricing, the rent versus own debate is skewed toward home ownership.
posted by shirley harry at 8:23 AM
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