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A nation of renters. So what!


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2013 Apr 26, 1:32am   524 views  3 comments

by tovarichpeter   ➕follow (6)   💰tip   ignore  

http://business.time.com/2013/04/26/a-nation-of-renters-should-we-be-worried-that-fewer-americans-own-homes/?xid=gonewsedit&google_editors_picks=true

Big Wall Street banks and consumer advocacy groups like the Center for Responsible Lending dont agree on much. But recently, these strange bedfellows have been brought together by their opposition to new rules governing mortgage-underwriting standards that have already been issued or are set to be issued by the Consumer Financial Protection Bureau (CFPB) in the coming months.

#housing

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1   Tenpoundbass   2013 Apr 26, 2:30am  

No! At least houses might be affordable when my daughters grow up and want to own.

2   RentingForHalfTheCost   2013 Apr 26, 2:45am  

The reality is that it doesn't matter if you own a home, rent a home, don't have a home, we all owe our life savings and more to foreigners anyway. We have a great way of making the rest of the world rich at our expense. Brilliant.

3   AD   2013 Apr 26, 3:42am  

This all depends on the net worth, or the bottomline. Have to compare costs and benefits of owning versus renting over specified time periods.

Perhaps in San Fran, it is better to rent a condo than owning one over the course of 35 years. The savings from renting is better used for investing in other venues like the stock market as compared to any equity gains from owning a home.

Now, one thing Patrick may have left out in his draft book is that some make money by renting out part of their homes. I've seen someone rent out their basement which covered the payments for taxes, insurance, and maintenance.

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