patrick.net
An Antidote to Corporate Media
1,260,880 comments by 15,055 users - goofus, RayAmerica online now
Why buying a house is still a smart move
invite response
2010 Sep 1, 12:34am 8,447 views 45 comments
« First « Previous Comments 44 - 45 of 45 Search these comments
45
pkowen
2010 Sep 10, 8:41am
pkowen
2010 Sep 10, 8:41am
An apartment? You’re out at the end of the month.
That’s because owners are better people. They deserve extra help.
I should be a better person and get a "million dollar" house for "no money down" and a "pick a pay" mortgage that is less than half the debt service. Then not even pay that, and get foreclosed on, and live there rent free for 6 months or so during the process. Then get a news article published about how the evil mortgage company is taking away my "home" and how I am a "victim" and have lost my "American dream".
If only I were a better person.
« First « Previous Comments 44 - 45 of 45 Search these comments
http://www.walletpop.com/blog/2010/08/31/Five-reasons-why-buying-a-house-is-still-smart/
The guy has a couple of good points here. How many renters not currently saving for a house actually save the extra money they have by renting instead of paying a mortgage? While many would be quick to point out that renting is better than buying, what often what happens is they increase there discretionary spending (More eating out, Ipads, vacations) and really don't save.
Also renting often means a townhouse at best and an apartment at worse. There are very few houses available to rented out, in most cases people who do rent a house tend not to move, since they can have more than a minimal number of pets and less restictions. For my own state (NJ), on one website there were 1,382 listing for rentals, but when I specified houses only, the number dropped to less then 50.
I can't say I completely agree with his assesments on schools, while owners in a neigherbood might push for better schools, renters are voters too and do not have any less rights when pushing for better school districts. Not to mention they can move to an area with better school districts a lot easier then home owners.
#housing