Monday, September 22, 2014
Home Ownership For All?
Ask an American on the street to paint you a picture of the American dream and I would bet 9 out of 10 include owning a home as part of their description. From the earliest colonists to the homesteaders to the suburbanization of America, having that "piece of dirt" on which to plan roots has been at the core of American life.
Read the link below to an excellent article in The Economist from 2009- just as the housing market bubble was bursting.
In a blog post, consider some of the following:
1. What are the advantage of home ownership? What are the drawbacks?
2. How is renting viewed in the US? Do you think these views are accurate?
3. What are the historical views on home ownership in America? Are they still relevant today?
4. What does the US government do to foster home ownership? Are these good public policies?
5. How is home ownership viewed in other nations- contrasted with the US? Explore the differences.
6. Do you plan to own a home? How does it fit with your other priorities?
http://www.economist.com/node/13491933
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Some advantages of home ownership include having a sense of wealth, as well as a position in society in which you can maintain influence in civic activities. Although owning a home is encouraged by our government, drawbacks include not being able to afford the mortgage to live in that home. According to economist Paul Krugman, the United States puts too much strain on people to become home owners, and believes renting should be more accepted among people, despite Obama proposing a $275 billion plan to expand American housing. Historically, home ownership was seen as a measure of success, which is still relevant today. Having a home reflects' ones success in their careers, life, and financial stability. But, other nations do not share the same strain as the United States. Home ownership outside of the United States does not directly contribute to wealth. "Ireland, Greece and Spain all saw large increases in home ownership in the 1980s and 1990s, and had relatively high unemployment" whereas Americans directly value their home to their success.
The positive side of home ownership is that, obviously, one is able to own his or her property without worrying about landlords or rent. Some also say that ownership is a way to accumulate wealth because it gives households a default mechanism for savings—people must pay a mortgage, thus increasing their home equity and saving more money. Furthermore, it gives people incentives to better their community in hopes of increasing the price of their home in the future; it also was found to improve the test scores of children. They also receive tax breaks, while renters do not.
The negative side of home ownership is that it is theorized that owning your own home makes you more reluctant to move, so labor markets remain static and without a dynamic market, unemployment rises. Another example are subsidies to home ownership have made the economy more fragile. They boosted consumption, as homeowners used their houses as collateral to finance consumption or investment, which meant that people had more to spend when the economy was well and less when the economy was down.
In the US, renting is viewed as lesser than home ownership. One reason is that renters do not receive tax breaks from the government and also because some people view the “nomadic” lifestyle of moving every 2 years unstable and a hindrance to accumulating wealth. I would prefer moving every couple of years rather than settle down in one place for 10 years; also, I believe it is a good option for young people who need a home but do not have a large salary or a stable job yet.
History has always favored home ownership because the Anglo-Saxons believed that owning a home helps families, economies, and society because it encourages frugality, wealth, and civic duties. This point of view reigns true in the suburbs of America, which are mostly dominated by relatively wealthy middle class citizens. However, in cities, I think that renting is a much more affordable option than buying and the majority of people do so.
The US government encourages home ownership by introducing deductions to mortgage-interest payments from taxable income. I don’t think that the government should be so invested in getting more homeowners, since it seems that the pros and cons don’t drastically outweigh each other. Furthermore, some people simply prefer the lifestyle of renting since the prospect of buying a home and investing such a large sum of money can be daunting.
Home ownership is said to be encouraged by the government in America, Spain, and Ireland. In Germany, however, people are accustomed to renting and many people rent for much longer periods of time as compared to 2 years in America.
I don’t necessarily want to own a home. It really doesn’t matter as long as I have a job.
Historically, it is seen as a good thing to be an owner of a household because it helps them to acquire wealth. It's still pretty accurate today because many people want to own a home to accumulate wealth and focus on their job. Also, there comes the advantages such as a stable, more law-abiding communities; a better likely-hood of people voting and joining in clubs; beneficial to future generations because children of homeowners do better in school with fewer behavioral problems; which are mostly the social reasons for owning a house. But with advantages comes disadvantages such as cost of the house (mortgages), possible foreclosure for numerous reasons, etc.
Home ownership has surprisingly been a controversial topic, with many advantages and drawbacks. Some claim that owning your own home helps you accumulate your own wealth, have stability, and also acquire many social benefits. For example, people are more likely to vote in elections, because they know their representatives better. Yet, it also has some disadvantages. Many people are losing their homes and their mortgages now supersede what they originally bought their home for. President Obama proposed a $275 billion plan to support America's housing market. Meanwhile in France, “Nicolas Sarkozy, who campaigned for the presidency to turn France into a property-owning democracy, has expanded zero-interest housing loans for the poor”. None of these policies are really helping at least immediately. We are finding that more Americans are losing money.
I plan on owning a home when I grow up. I like having stability, rather than renting a home and moving from time to time. I think it’s better to raise a family and have a career while owning a home. Historically, it’s been traditional to own a home. However, many Americans are now turning to renting homes because of the housing market risk. Many are finding it safer to rent rather than own. Renting is viewed as something done by poor people or minorities because they “can’t afford” a home or can’t settle in one area. I find some accuracy in this statement, but I think many middle-class people are looking to rent now as well. I found this article to be interesting, and I like how it exposed both sides.
Owning a home is traditionally part of the American Dream. A house is commonly how families accumulate or grow their wealth, based on the value of their property. However, I disagree with the notion that owning a house is a necessity or a sign of wealth. Most people look down on renting in American because it seems as if they don’t have enough money to own their own property. Renting can be much more beneficial in certain situations. Being someone with aspirations to live in the city, I have no intentions of owning a home in my future. It is much more practical to rent an apartment in the city so that I can move whenever it seems fit based on my income and family status. There are people who are renting multimillion dollar apartments in Manhattan that clearly have more money than homeowners in small suburbs, negating the notion that renting is for the poor. I do agree though that homeownership can create a better community. People who own homes know that they are going to be there for a while so they feel more connected to the area. This sense of community formed by those who own homes is a good thing, and the people’s investment in the community can also be beneficial.
Ownership of your own home may have many benefits to most people which is why they consider it to be one of the most fundamental ideas of the American Dream. Owning your own home can be good for people because it helps them save money and achieve great wealth. It encourages people to save so they can buy their own home and it is good for society because homeowners invest more in their neighborhoods, get more involved in community activities and encourage their children to do better in school. One big disadvantage of home ownership is that most people buy shares outright but homes on margin, meaning that if prices go up on houses, you lose your savings. In the US, renting is viewed as a low means of living in a house for mostly lower class people and is categorized for those who cannot afford to buy their own homes. There are many arguments made between the effects of people who rent against those who own their own homes. One argument is that children of homeowner's do better in school and have fewer behavioral problems than children of renters.
The views on homeownership have always been positive and have been encouraging people that owning your own home can indeed be a possibility. In America, homeowners are less likely to move than renters, so areas with a lot of homeowners are more stable. These arguments are still relevant today because there are stereotypes made during the years that categorize renters as being less than homeowners and are viewed as lower class people. In other countries such as Germany, homeownership is not as important as in the US. It is said that in America, renters move after about two months while in Germany, people rent for up to many years. That is completely different to the status in America. Countries like Ireland, Greece, and Spain might not see the benefits in homeownership like in the US, because they all saw large increases in homeownership and as a result, there was an increase in unemployment. In the future I am planning to own my own house and provide for it by having a stable job and career that will pay me well in order to be able to buy the house, which one of my dreams for the future.
Home ownership gives you the opportunity to raise a family, have some privacy, and it even acts as a shelter. Owning a home also means you have some experience of wealth and putting the money to good use. Some of the hardships are paying the mortgage, maintaining the amount of money you need each month to each year to keep the house, and the maintenance that is needed to keep the house in good shape is also hard. Renting in the US is viewed as someone who may not have all of the money to buy what they want. It is also viewed as someone who may be in an early stage of their life and are not ready for a home. Renting in he US can mean a lot of things but it is really downplayed. Though it may be accurate, what renting is viewed as, is not necessarily correct. Renting does not mean someone is short on money, or may not be ready to live in a house, or want to live in an apartment for the rest of their lives. Whatever it means depends on the person that is doing the renting.
Home ownership is a much bigger issue than anyone one realizes and should take into great consideration when purchasing. I guess many people feel safer in a house that they own which is why housing is such a big business around the globe. During the mid 2000s, a housing boom was the driving force behind a strong economy. Then came 2008 and showed everyone how vulnerable the housing market really is. There are advantages to owning a home. When people have to pay off a mortgage, they increase their home equity and save more than they otherwise would and saving money is big. As I said before, people feel a greater satisfaction owning their own land a feel safer in a house they own. Home owners were found to have better communities, participate more in their community and move less often. The negatives of course is that people were spending money on homes that they dint have, payments were putting even more people in debt and the government housing programs failures brought down millions of Americans. I personally wouldn't have supported the government housing programs if there was a strong possibility of collapsing the entire market. We shouldn't just put people in debt that cant afford housing. Renting is a better option for people who cant afford a house. Around the world, rent has a much better view than in the US. Again, it goes back to the dream of Americans to own their own land. I hope by the time I have a home that the housing market is more stable.
The advantages of homeownership is that you are helping yourself accumulate wealth, due to the fact that houses generally increase in value, along with helping the economy. Also, it gives you security because you own the house rather than renting it and having to go through a landlord or someone else. The drawbacks of owning a house is that a house is very expensive and is a long term financial commitment. According to economist Paul Krugman, America favours ownership and already has too many homeowners. I think these views are accurate, that America is too dependent on home ownership, because renting a home has many upsides. The historical views of homeownership in America is that the goal of every American, (The American Dream), is to own a home one day and without doing so you are not truly successful. These views are definitely different today, but are still somewhat relevant in todays society. I definitely do plan to own a home when I have a family and financially stable enough to afford one. It is rather high on my priorities because I obviously do not want to live with my parents forever.
In today’s age, it is usually highly encouraged to own a house. It is thought that owning a home is a positive thing because it helps to accumulate wealth and encourages people to save their money. It not only benefits the homeowner, but the community as well. Usually, those who are homeowners tend to have a more stable household and move less often than those who rent. Communities that have stable households then tend to be more law-abiding neighborhoods. In order to foster home ownership, President Obama proposed a $275 billion plan to support the housing market in America. Although there are many benefits that come along with home ownership, there are also some negative attributes. It has been found that America seems to have too many homeowners. House prices in multiple countries have dropped, therefore leading to many foreclosures along with many people facing negative equity on their homes. In many cases, this negative equity makes owning a home “more like a trap than a piggy bank”. Homeowners who cant afford their payments lose their house, their savings and their credit rating for seven years. In a study mentioned, it was found that American homeowner’s equity in their houses dropped from 12.5 trillion dollars in 2005 to 8.5 trillion dollars at the end of 2008. Along with this, as the amount of homeownership increases, it was found that the unemployment rate seemed to increase as well. This happens due to people’s reluctance to move, making labor markets more rigid as home ownership increases. Although there a many risks that come with owning a home, in the future I would like to be a homeowner rather than renting a home. I feel that having a stable home to live in for many years is more beneficial that renting a home and having to move every couple of years. With home ownership, you gain the benefits of being a part of a community, which I feel is important when raising a family.
There are said to me multiple advantages accompanying owning your own home. That you'll be more encouraged to save, be more likely to invest in neighborhoods, engage in more civic activites, encourage your kids to do better in school, as well as other perks. But, as Edward Glaeser, an economist at Harvard University, said, “you can make a good case that America already has too many homeowners.” And with so many people buying houses, soon there will be less available land, and housing prices will drop. This seems good, but the lower prices would actually scare people into thinking their home's value is lessening and they will be less inclined to spend as much as they have. In the U.S., renting is viewed as not as inferior to owning. It's said that those who own homes are more likely to vote, join clubs, be involved in their community, and have kids who do better in school than renters. And there is actually a lot of evidence to support these theories. Also, renters move a lot more often, which doesn't stabilize the community. I agree with these views, I believe owning a home is better than renting one. Historically, the U.S. has been looking to increase home ownership, believing that it will help the economy. These thoughts are still relevant today, but more and more people seem to be thinking twice about this theory now. The U.S. government has made multiple organizations, such as the Community Advantage Programme (CAP), to help Americans who were struggling to pay off mortgages do so. Home ownership in other countries seems to also be valued, but not as much. Other nations see home ownership as more of an investment, and don't seem to put as much emphasis on it as the U.S. does. Also, home owners in these other nations are doing much better than the ones in the U.S. The prices of their homes are still fairly high, so their owners aren't worrying about their home's value decreasing. I would like to someday own a home myself as I believe that the positives of owning outweigh those of renting.
When you finish college and get kicked out of your parents house, you will be met with many decisions concerning your future, one of which is deciding where/how you want to live. The most common decision made for Americans is to buy a home and own your own land. Many people believe that to be a free American, you have to own land , but like with every decision , deciding to own land has its pros and cons. Some positive aspects of owning a house is the community around you. It is commonly believed that people who own property respect the area around them more, keep their houses and property looking nice as well as the area around them. This is often true, but it can also be true for some rental communities. There are social benefits to owning a house too. Children in rentals often do worse in school and follow worse paths in life, but this may not be a causation scenario. Some see land ownership as a class marker, where adults who do not own land are almost second class citizens, however, I do not agree with this view.
Land ownership negative aspects as well. Buying land comes with a huge risk. You are investing in an asset that can change value quickly and will often keep you stuck there for some time. Renting, however, comes with the benefit of allowing you to move relatively easily. Some may not find this to be positive because they want stability, but many people like to have the freedom to move. This versatility is also good for the job market. It reduces the rigidness of the labor force and allows a more free flow of labor. In my future, I am not sure if I would want to buy a home or rent, it really depends on the situation that I am in and what fits my lifestyle best. If I am working in a city, I would probably want to rent, but if I was starting a family, I would want to buy a house.
Home ownership is view by many as the American Dream. When it comes to home ownership, it is viewed as an advantage since it is believed that you will increase your wealth, along with actually owning your property. With ownership, come mortgages. People need to save more money, therefore, increasing their wealth. Also, there are more social benefits that come along with owning property. An example includes that people in the areas are more likely to vote since they have a better understanding of their representative.
However, there are drawbacks to home ownership. It has been found that many people are losing their homes to the housing market. There is also and increase in the unemployment rate. In addition, the subsidies of home ownership made the economy more go down.
In the past, owning a home was a sign of ones success, which still holds truth in today’s society. We believed that it represented ones success in life, careers, and the wealth. Economist Paul Krugman believes that the US pushes citizens to own property and that renting should be more widely accepted. To foster home ownership, President Obama proposed a $275 billion plan to American housing for expansion. Also, our government deducts the mortgages.
In my future, I do plan to own a home. I believe that homes do represent ones success since it is technically your own home. You pay for the house and live in it and it shows all of the hard work you have done in your life.
Owning a home is advantageous to individuals, families, and neighborhoods. For individuals, owning a home is having a single place that a person can reside in and have the comfort to go home to every day. Additionally, having a single, stationary, home makes people more apt to put money and investments into it to make it nicer. A renter may be reluctant to do so considering they make not be in the same home for very long. There is also evidence to prove that children with parents that own a home are more likely to do better at school and have less behavioral problems- probably because renters may be forced to move outside of a district and have kids transfer schools often. Because people want to better their standard of living, money put into the houses of a neighborhood will eventually increase the value of the houses making the neighborhood a more upscale area. Drawbacks to owning a house may include having to keep up and maintain it; but, economically speaking, people will have an incentive to better their homes if they own it which will increase the value of homes and their net worth. In the United States, renting is often considered as being lazy or being too immature or unstable to own a home. In many cases, this is true. Renters often face many problems with their landlords for not keeping the place clean and not wanting to maintain the house themselves. However, some positive aspects to renting include having fewer foreclosures and devastating. When the economy is doing poorly and banks foreclose on home owners with mortgages, rows of for sale signs devastate local businesses in a neighborhood and causes great problems. According to the article, this is evident in both the United States and Britain. Owning a home may only be advantageous if you do not have to worry about mortgages and poor credit. If one is stable enough to own a home without taking out a mortgage, one will not have to worry about foreclosures and the stress and difficulties of having poor credit. It may be easier to rent a home earlier on in life when you are unsure whether or not your job will change causing you to relocate, unsure where you want to start a family, or unsure whether or not you will be able to afford the home in years to come. If you can constantly make your rent payments, you will not have to worry about foreclosures and property being taken away from you and renting may be a better option for those in that position. However, I believe that owning a home is better for a family than renting one and look forward to owning a home later on in life.
A few advantages of home ownership include not having to deal with a Landlord or rent, and there are also some social advantages. It "encourages stable, more law abiding citizens" who are more likely to participate in clubs and to vote. It is also said that children who grow up with homeowners as parents are more motivated in school than children of renters. A disadvantage of home ownership would be if they cannot afford the mortgage. In the past, owning a home had been a part of the American Dream and I think that is still somewhat relevant today. People want to own a home and still have that as a goal in their life as it is a symbol of your wealth and success. Americans views on renting seem to be pretty negative. If you are renter, you are thought to be poor or at least not as wealthy as others and it is looked down on. I don't think this is accurate. I don't see anything wrong with renting. There are tons of people who rent apartments in New York City and places like that and that does not mean that they are poorer than a homeowner.I do intend on owning a home when I am older.
Home ownership has been controversial over the past decade or so. With the housing boom of the early 21st century, soon followed by the crash of the stock market due to this, financially, home ownership has changed dramatically. Positives of home ownership include accommodating weath, encouraging people to save, as well as is good for neighborhoods because It encourages people to not only strive for themselves but to have a positive impact on their neighborhood. Positive neighborhoods, then help provide positive environments for them to strive, as well as their family and their children to do well in school and in life. Home ownership has a great positive social effect of communities, as it "encourages stable, more law-abiding communities; it makes people more likely to vote in local elections and join clubs; and it benefits future generations because, it turns out, the children of homeowners do better at school and have fewer behavioural problems than children of renters." Home ownership compared to renting seems to stimulate a more positive vibe. Renters are less likely to feel the need to make an impact on their community because their residency is only temporary and they do not own the property themselves. Therefore, they let responsibilities fall onto others instead. To a point I believe that this view is true, however, there are some people who rent and feel as if they own their home. I believe that it may vary from person to person. People with families may be more stable with renting than single people as well.
Within the past few years, as America, other countries have also been hitting a downward curve in the housing industry. Home ownership rates are dropping across the board. Many countries, such as Britain are also in much debt. I hope that as I grow older and it is time for me to buy a home that this takes a turn to a good, stable housing economy. I do plan to one day both own and rent a home. After college I plan to rent and as I grow older I and have a family I hope to have a home to call my own and with hard work I believe that this will be possible.
In this article, the author states that home ownership is good, in the sense that it owning your own home is good for individuals because it helps them accumulate wealth. It is good for the economy because it encourages people to save, and it is good for society because when people own homes in a neighborhood, they are more invested in its success (economic, academic, social, etc.). Home ownership does, however, have its downfalls. For example, there are defaults in sub-prime mortgages (mortgages for the poor). The failures of Fannie Mae and Freddie Mac, two enterprises which give out sub-prime mortgages, failed, which further exaggerated the defaults. This has caused the home-ownership rate to fall in the past four years. In the US buying rather than renting houses is far more favored. I don't think that this is necessarily a good policy in that in many cases it is much easier financially to afford to rent a house than to buy it. Historically, in America, the "American Dream" was centered around owning ones own house. While I think this is still partially true, in that owning ones house nowadays is equivalent to success in many peoples eyes, I think this practice is very outdated, in that one can be extremely successful without owning a home. In order to encourage home-ownership, the US government makes it so that homeowners can deduct mortgage-interest payments from taxable income, in order to make owning a home more affordable. There are many diverse international views about home-ownership. In the US as well as in Ireland and Spain, the government encourages home-ownership with economic perks. My entire life, I had always planned to own a home. Investing my money in a home seemed like the responsible thing to do, but after reading this article, I may change my mind and look at renting through a different lens.
As a current non-homeowner, reading about the technicalities and the overall idea of owning a home was interesting because it involved a lot of factors I was not aware of. Some benefits to owning a home include the market on housing has not done so badly in the wake of our economic struggles in recent years. Stock prices have dove 50% below their peaks in some countries, so in the more brod spectrum, housing has done OK. Also, homeowners who have lost money in recent years due to the economy have not absolute losses on their house because the market only dropped to about where it was in 2004. Anyone buying a house before that and looking to sell now will see little profit, but still won’t be losing much. One major drawback is how, unlike stocks, houses are bought on margin, so a large dip in the value of your house could cost a large sum of your savings.
Historically, owning a house has been a part of the American dream. I find this to be relevant even today. Owning a home is a good way for people to accumulate wealth because they start to save. It is a statement of pride, owning your own home, and further improves the relationship you have with your community. I plan to own a home when I an older because it seems to be a natural decision in progressing through life. I want a place where my wife and kids can go to be safe and feel at home. This may contrast with my other priorities, like travel and leisure activities, because the process of buying, furnishing, and modeling a house is very expensive as well as time consuming.
The whole concept of "strife" for home ownership being bad or good is a very controversial topic; being that there are good arguments on either side. As many people already know from their own lives, owning a house gives someone the sense that they now uphold a certain neighborhood economic standard, the ability to participate in numerous civic activities and also the desire to accumulate more wealth. On the other hand, such as economist Paul Krugman states, the demand for people in the U.S to own a house is greatly stressed by the government in which businesses are set up solely on home loans, which usually leave people with heaps of debt. This excessive want for a home can cause economic grief in that people will do anything to just get a deed to a house when they might not have the means to really do so. I believe that places outside the U.S do not have such a severe emphasis on house ownership and wealth or desire to own a home over renting one. Although, in the bigger picture, I do not believe that the desire for home ownership will change anytime soon based on its roots to America was just colonies.
Home ownership is always seen as a wonderful thing because of all its benefits. For example, of course, people have a sense of pride knowing that they purchased their own home and the property is theirs. Economically, owning a home encourages people to save up, and socially, owning a home promotes interactions with one’s neighbors and inspires children to do better in school. However, there are some major drawbacks to owning a home, primarily a high, sometimes unaffordable, mortgage. The other option to owning a house is to rent, which is often viewed in more negative terms than owning a house. Renting usually is organized in smaller increments in the United States, as opposed to many years in other countries such as Germany. For this reason, many people believe that renting promotes instability and therefore, those who rent cannot be as successful and influence the community as positively as those who own a house can. I only believe this statement to be partially true, as plenty of people who rent apartments in high-class areas contribute just as much, or more, to the community as those who own homes in middle-class areas. But, people who own homes generally seem to have a better grasp on their financial situations, thus proving that owning a home can be a key to prosperity.
As for myself, I plan to own a home when I am older. Over the years I have found that I prefer consistency and organization- two things that might be hard to find should I be moving in and out of apartments for the rest of my life. Either way, it is important that I am financially stable and sound before I make any decisions regarding where I will live.
Advantages of home ownership are seen generally to improve the economy as a whole. Some of these advantages include householders accumulating more wealth, homeowners investing more in their neighborhood and engaging in more civic activities, and encouraging people to save. The drawback of home ownership is that everyone in the community can be affected by things such as recessions when people cannot pay mortgages. When homeowners face “negative equity,” people who cannot pay their dues by specific dates will lose their house, their savings and their credit ratings for seven years. Economist Paul Krugman implies that people in the US favor owning homes over renting. Despite President Obama’s proposed plan to support America’s housing market with $275 billion, others see that housing loans should be expanded to zero-interest for the poor if they were to own homes. The concept of the “American Dream” was the idea that wealth can be attained even from the poorest of social classes. What determined whether one reached the American Dream was whether they were able to own their own home. This highly praised value of the owning property in America has continued to make Americans strive to achieve enough wealth to feel accomplished in the society.
The value of a home accounts for roughly 45% of the average homeowner's wealth, so it is therefore seen as an investment as well as a way in which to save money, or "by far the single most important way families accumulate wealth." The prospect of owning a home encourages people to save money, and home ownership generally evokes a feeling of pride in one's neighborhood, which leads to greater investment in the quality of an area when compared to renters. However, the vast majority of homes are purchased with mortgages, meaning that a house is bought "on margin" and therefore deals a greater blow to a homeowner when the market experiences a downturn. In the U.S., renting is generally viewed as temporary or even "low-class", mostly because those who rent are most often young people saving up to someday own a home or people who cannot afford to own homes. There is probably some truth to these views, because the majority of Americans strive to eventually own homes due to our conditioning to desire this. In other nations, such as Spain and Ireland, home ownership is encouraged by tax deductions for mortgage payments. In other countries and cultures, however, renting is probably looked upon more favorably and permanently, because not every economy and society is so obsessed with individual ownership as capitalist, market economy and its subsequent consumer culture. Historically in America, home ownership has been viewed as a milestone in the life of every young adult, and almost as a rite of passage. These views are becoming more and more difficult to maintain as young people no graduate college with immense student loans to pay off and less significant starting incomes. Someday I would like to own a home, but I want to establish myself in a career and have a sufficient income before I take on another huge loan like a mortgage. In addition, it is more difficult to own a home in a city, which is where I would like to work, and a career is a bigger priority for me.
Owning a home gives one a sense of pride especially to a immigrant coming from another country because they can in their mind say they made it. However just like the article stated home ownership isn't for everyone. Mortgages shouldn't be offered to everyone because many people are deemed to be credit risks. However the housing crisis of 2007-08 was caused by risky mortgages as people started to default on their mortgages causing banks to lose all their money. The housing crisis also hurt many peoples vision of using their house as an investment because many house values fell below to what they were actually worth. Once I start to make a decent income to raise and maintain a family I will most likely rent a 3-4 bedroom apartment in a city. I prefer an apartment because the apartments that one pays a lot a money for per month usually comes included with water, cable, heat,ac and electricity while that is separate bills in a home. With an apartment there is less space so one can keep it cleaner easier then a large house.
Owning a home allows for great economic freedom within one's own home. Having a home allows the individual to do what he wants with his resources within his home and modify his living space to be exactly how he wants it to be. Renting is often frowned upon in the US. People view renters as transient and view homes that are being rented in their community as unfavorable - often being occupied by young professionals and individuals less than catering towards family life within the community. While renting has its advantages, including no mortgage, more freedom to move, landlord upkeep and more, it is still frowned upon as being restrictive. I do not think these stigmas are necessarily true, however they are historically deep rooted, and while they may not be so relevant today, they still carry weight. The Obama administration is currently exploring a $275 billion plan to encourage home ownership in America, and while this may be slightly controversial, it is in support of the existing middle class dream to own property. I do indeed plan on owning a home. I would like to have a home to do with as I please and to have my own family and property to concurrently enjoy. I believe that ownership of land is a major aspect of the American dream and should be continued to be encouraged.
The numerous benefits of home ownership are that you first and foremost have a stable place to live. As a promising investment you are more likely to accumulate wealth as well as more likely to save money. Ownering a home benefits your fiances, local neighborhoods and community's through participation in events and government. Also helps stabilize the job market and finally help children by having an effect on their higher math scores, staying in school and graduating and attending college, lower teen pregnancy rate, and finally lower crime rate.
The downside of this is if the market is since it is such a large investment if the housing market hurts then a lot of your wealth will fall.
Renting is viewed in the us as a second tier and not as good as owning.
The historical views of home ownership have always been that owning a home is a positive sign of wealth. In recent years homeownership has fallen because of the poor economy and the realization that renting might make you better off finically.
The us government supports home ownership by passing laws and giving money to support the housing market and banks giving out mortgages to potential homebuyers.
Most nations the concept is similar but in Germany the housing market has done better because more people rent and they have the mindset set that owneing a home is done so you have a place to live not to have a smart investment.
I do one day hope to eon a home. When I have a family, can fully support it, and have a found the right place to settle down I hopefully will be able to.
The numerous benefits of home ownership are that you first and foremost have a stable place to live. As a promising investment you are more likely to accumulate wealth as well as more likely to save money. Ownering a home benefits your fiances, local neighborhoods and community's through participation in events and government. Also helps stabilize the job market and finally help children by having an effect on their higher math scores, staying in school and graduating and attending college, lower teen pregnancy rate, and finally lower crime rate.
The downside of this is if the market is since it is such a large investment if the housing market hurts then a lot of your wealth will fall.
Renting is viewed in the us as a second tier and not as good as owning.
The historical views of home ownership have always been that owning a home is a positive sign of wealth. In recent years homeownership has fallen because of the poor economy and the realization that renting might make you better off finically.
The us government supports home ownership by passing laws and giving money to support the housing market and banks giving out mortgages to potential homebuyers.
Most nations the concept is similar but in Germany the housing market has done better because more people rent and they have the mindset set that owneing a home is done so you have a place to live not to have a smart investment.
I do one day hope to eon a home. When I have a family, can fully support it, and have a found the right place to settle down I hopefully will be able to.
Home ownership has become a big part of our economy and was the cause of the recession of 2008. Historically home ownership showed wealth. If you were able to own a big house then it showed how successful you were. This is still somewhat true because if you see a huge house you’re like wow this person is rich. Also, home ownership was something that showed stability. The American dream is said to be: owning a house in a neighborhood with white picket fences and possibly a tire swing on the big tree in the front yard. If you had this you had a stable income and a solid family life. With this come some advantages and disadvantages to owning a home. One is becoming an active participant in a community. A disadvantage could be inability to pay off mortgages. Personally I plan to own a home. I just think you should own a home because then its shows how hard you worked.
The American dream is, no doubt, something most Americans aspire to. A big component of this idea is the ownership of one's own home. But how lucrative is this dream we have? According to "The Economist," very little. The article presents both sides of the argument-although leaning towards the renting side-so as to allow the reader to determine his/her own conclusion.
As the article explains, the government supports the ownership of homes by giving tax cuts to homeowners that are not awarded to renters. It then goes on to explain the advantages home ownership brings-most of which are crucial in society. One of the most important benefits that comes from owning a home is the culture that is created. Owners of homes experience more stability than their renting counterparts. Owners are in one place for longer and thus, a neighborhood is created. The families of homeowners experience a better life than renters and foster "better" kids. Studies show that children of home-owning families "do better in school and have fewer behavioral problems" than those of renters. The families are also more likely to vote in local elections because, unlike renters, they plan on being there for long enough for these elections to impact them for a long time.
The article also explains the disadvantages of home-owning. For example, the author says that these houses tend to create more debt because of mortgages than renting, and that homes are much less than liquid than normal investments. However, I believe that home-owning is a good idea. I think the problem people have is when they put "all their eggs in one basket," so to speak. A common problem today is that most people spend most of their young-adult life working and saving and then buy the nicest, biggest house they can when they get married. This is where people run into trouble because now if they have financial troubles, they are leaving themselves with no way out because everything they own is invested in their home. However, if someone bought a house that they can afford and is comfortable for them, they would have money to invest as well. The author is right when he/she says that a house is not very liquid, but who says that one's house is everything one owns? I plan on buying a house when I am older, but one that I know i will be able to afford and that I am confident will not only sink me deeper into crippling debt.
There are many advantages and disadvantages when owning your own home. For example, owning your own home helps people accumulate wealth because once you pay off the mortgage the house is all yours and you do not have to pay anyone anything. This also means you can make whatever changes you want to it without having to get permission from a landlord. Home ownership doesn't just positively affects you but positively effects everyone. Owning a home promotes civic duties and better education for the children. In addition, homeowners receive tax breaks but on the other hand renters do not.
Even though there are many advantages to owning a house there are also many disadvantages. For example, if you buy your house at the peak of the market but now the market is bad, your house will have a negative equity. This means, the cost of the mortgage is greater than the value of the home. This leads to people losing money, rather than saving money and also makes people have bad credit for at least 7 years.
In america renting an apartment is viewed negatively compared to owning a home. I disagree with this because renting is a smart decision for the young people who are just coming out of college and not making a lot of money. They do not have enough money to buy a house so they can save money while renting and apartment for a couple years until they have enough to buy their own house.
I agree that owning a home or piece of property has been a fundamental and almost essential aspect of living in the United States. However, it is not always economically beneficial to choose owning a home over renting. Further, the social benefits of owning against renting are often considered more than the economic costs when deciding whether to own or rent. Although studies have shown that the two consumers behave differently--such as owners being, on average, more invested in the community--it is not necessarily a causal relationship. Nonetheless, the costs of owning a home “are greater and the benefits smaller than once thought."
Someday when I am much older, I would probably envision myself owning a house. Yet, I think it is a better fit for a young person to rent. In today’s society where young, post-college adults often switch jobs and move from place to place, it does not seem economical for someone to be tied down to a set location. Also, because many Americans are in negative equity, a young adult may become overwhelmed. For me, renting sounds like a more suitable option until I am economically secure.
A home owner in the United States is generally someone who plans on staying in his/her home for many years. They likely have a stable job, and perhaps even have a family. Some people will buy their homes at a time when prices on the house market are low, so that in a few years, they can put it back on the market to potentially make a profit. A downside to being a homeowner is the risk of losing money on your home. One could purchase a house at a time they truly need to, which could also be a time at which homes on the market are at a higher price. When they are ready to sell again, they may find that their house is not worth as much as when they bought it. Renting homes in the United States is generally viewed as something that a younger person would do, perhaps just out of college or starting up their career. Renting is also generally something that a low income person would consider. perhaps they aren't comfortable with their income to buy a home or they don't have an annual salary. Historically, home ownership has been an important part in people's social lives in the United States. Ownership of a home shows other people that this person is pretty wealthy and has a well paying and stable job. The government has sponsored some enterprises that provided cheap home loans, in an attempt to increase the home ownership rate. The plan backfired, however, as the plan actually caused the home ownership rate to drop about 1.5%. Personally, I plan on owning a home later in my life. I will hopefully have a career that pays well enough for me to be able to afford a home. If a family is also involved, ownership of a home would be most beneficial in that situation.
When it comes to owning a home, there are many positives and negatives. In my opinion, there are more positives, and owning a home is the way to go (if affordable). When owning a home, it is said to be easier to accumulate wealth. The price of the person’s house could be increasing as he/she is paying it off. When it comes to the actual person and his/her family, there are also many upsides to that as well. It is probably easier to start and raise a family when one owns his/her own home, and those children are more likely to be smarter than those of parents who rent/ move periodically. In regards to the inevitable taxes, home owners receive tax breaks, most likely due to the high/expensive mortgages they have to pay. Despite all of these upsides, there are definitely some downsides to owning a home. Buying a house could be risky; there could be very high mortgage rates and, if the economy fails, one might be forced to foreclose on his/her property. When it comes to buying versus renting, buying is viewed as the more prestigious, or wealthier, choice. This is partly due to the tremendous amount of homes owned by the middle class in America. Also, renters or leasers cant just worry about themselves and their situation- they have a landlord who chargers rent and makes sure everything is in order.
Personally, I want to own a home when I am older because it is definitely a more stable choice than renting.
The article mentions a lot of social benefits that arise due to homeownership. Homeownership creates a more stable neighborhood. Stability causes people to pay closer attention to the law, participate in community events, and focus more on school. I found it interesting that children of homeowners had higher mathematics and reading scores then renters’ children and that homeowner children are more likely to graduate from high school. I think that parents who do not have to worry about being able to pay a rent each month or worry about having to move constantly are more likely to bring up children who achieve more academically. I thought that renters’ children probably have to jump between a number of schools and so they can’t keep up with the material being taught. Disadvantages of homeownership include the chance that a person will not be able to afford their mortgage, and according to the article an increase in homeownership can cause an increase in unemployment. Unemployment stems from the fact that homeowners are less likely to move to find a new job market. In the past people have viewed homeownership as a positive thing because there was a widespread belief that owning a home encouraged people to save and it was the foundation for people to obtain more wealth. I would personally like to own a home. (but I think that is just because my parents and other family members all own homes and I guess that just seems more “normal” to me). But if I find myself in a position where I have to rent, then that’s fine too. I just want some kind of place where I can stay and I’ll be happy.
The article mentions a lot of social benefits that arise due to homeownership. Homeownership creates a more stable neighborhood. Stability causes people to pay closer attention to the law, participate in community events, and focus more on school. I found it interesting that children of homeowners had higher mathematics and reading scores then renters’ children and that homeowner children are more likely to graduate from high school. I think that parents who do not have to worry about being able to pay a rent each month or worry about having to move constantly are more likely to bring up children who achieve more academically. I thought that renters’ children probably have to jump between a number of schools and so they can’t keep up with the material being taught. Disadvantages of homeownership include the chance that a person will not be able to afford their mortgage, and according to the article an increase in homeownership can cause an increase in unemployment. Unemployment stems from the fact that homeowners are less likely to move to find a new job market. In the past people have viewed homeownership as a positive thing because there was a widespread belief that owning a home encouraged people to save and it was the foundation for people to obtain more wealth. I would personally like to own a home. (but I think that is just because my parents and other family members all own homes and I guess that just seems more “normal” to me). But if I find myself in a position where I have to rent, then that’s fine too. I just want some kind of place where I can stay and I’ll be happy.
Home ownership in America has always been viewed as a sign of economic prosperity whereas owning a home brings mostly social advantages rather than economic advantages. Owning a home exemplifies to others the amount of financial stability within a household and it also gives the owners a feeling of security. A home can be the one place where one can find comfort and serenity during the day. However, owning a home can be compared to gambling; there is an unpredictable chance of either losing all of your life savings, or even selling your house at a much higher price than bought. I do intend to own a home at some point, but it is not one of my major priorities as it is something that should be considered after becoming financially stable and saving up for the future. One factor that I would be considering when buying a home is location. Having a home in a generally nice neighborhood can provide benefits such as selling the house for a higher price, and even having more social advantages.
In theory, home ownership helps householders accumulate wealth. Homeowners are thought to invest more in their neighborhoods, engage more in their communities, and encourage their children to do better in school. It is also considered beneficial for the economy because home ownership encourages people to save money to pay off their mortgages. However, house prices have fallen about 30% since their peak in 2006. About 10 million Americans are in “negative equity” in which the cost of their mortgage exceeds the value of their home. Those who cannot afford the payments then lose their house, savings, and credit rating.
Homeowners are perceived to have more stability than renters. It is a common belief that homeowners are more invested in the community and therefore have more incentive to better it. I believe this is true to an extent in that owning a home may ground a family or individual to a certain location for a much longer period of time than renting an apartment. By owning something, there is a stronger sense of responsibility to keep it in its best condition. Owning a house typically creates a sense of pride and achievement. In the future, I hope to at some point both rent an apartment and own a home. I would want to rent an apartment in the city when I am out of college and still learning to be independent. Eventually I would want to own a house in the suburbs to raise a family. I believe it is important to have both a strong sense of independence as well as community.
The American Dream consists of several aspects that many people strive to achieve in order to fulfill their lives and reach their potential. With this dream comes the common conception that owning land is necessary in order to be successful. However, this notion has been explored and it has been discovered that there are several benefits to renting. For quite some time now, the traditional belief has been that if you are a homeowner, you have a sense of wealth and a better rank in society. Studies have shown that homeowners are more likely to participate in political activities, such as voting, and will work harder to maintain the area in which they reside. Recently, though, homeownership has drastically decreased in America, as well as other countries, such as Britain, Ireland, Germany, and Spain. Many people today are experiencing what is known as negative equity - that is, they are paying a higher mortgage than what their house is really worth. Renting has become quite popular because it is much easier to move around, despite the fact that it is often viewed as inferior to home owning in society. I do not agree with this particular view because everyone’s situation is different. If you are young, single, and have landed a job in a big city, it may be better for you to rent. If you are older and have a family, owning a home would be the ideal situation. As for me, I love to travel and could never picture myself staying in one place for a long time when I am young. I want to see and live in as many places as possible, so renting may be the option for me. However, when I am older, I know I would want to settle down in one place, so I could definitely see home owning in my future. As a general rule, it may be better to invest in something rather than to give your money to somebody else, but it all depends on the market conditions and mortgage interest rates.
Owning a home used to be seen as a staple of the American dream and a goal for all Americans, for good reason purchasing a home provides many great benefits such as; owning a house allows the owner to accumulate wealth, purchasing a home encourages people to save more of their money which in turn benefits the economy also it encourages homeowners children to do better in school than renters. On the other hand there are some negatives to owning a home if the value of your home decreases you may not break even or you could even be in negative equity in order to handle that more recently President Obama proposed a $275 billion plan to support the housing market. I do plan on owning a home of my own one day and while it may not be my number 1 priority it does hold some weight and is fairly important to me personally.
Along with the fulfillment of the American Dream, buying a house also carries many economical advantages. Home ownership is a great way to store and secure wealth in a (relatively) stable manner. Paying a mortgage is a "default mechanism for savings” that allows homeowners to build equity in their house. Homeowners also receive tax breaks for owning a house, unlike renters. It is also shown that children to grow up in a house owned by the parents tend to have higher test grades. However, there are some drawbacks to owning a house. Owning a house inhibits your desire to move around, thus the labor market shrinks with people who are not willing to move for their jobs. In America, renting a place of residence is considered lesser than owning one. Renting, however, can encourage people to move away for a job if need be. Historically, home ownership has always been seen in a positive light because it promotes community growth, economic stability, and incentives to maintain the area in which you live. I would like to own a home one day in order to settle down and raise a family. I think it is important to stay in one place so that your children can focus on school and building relationships rather than making new ones every time you move.
Along with the fulfillment of the American Dream, buying a house also carries many economical advantages. Home ownership is a great way to store and secure wealth in a (relatively) stable manner. Paying a mortgage is a "default mechanism for savings” that allows homeowners to build equity in their house. Homeowners also receive tax breaks for owning a house, unlike renters. It is also shown that children to grow up in a house owned by the parents tend to have higher test grades. However, there are some drawbacks to owning a house. Owning a house inhibits your desire to move around, thus the labor market shrinks with people who are not willing to move for their jobs. In America, renting a place of residence is considered lesser than owning one. Renting, however, can encourage people to move away for a job if need be. Historically, home ownership has always been seen in a positive light because it promotes community growth, economic stability, and incentives to maintain the area in which you live. I would like to own a home one day in order to settle down and raise a family. I think it is important to stay in one place so that your children can focus on school and building relationships rather than making new ones every time you move.
Traditionally home ownership has been an essential part of the American Dream. Owning a home was something that almost everyone dreamed about. I believe that homeownership is still relevant today because many people still seek the stability of owning a home and earning equity. However, I think that less people are becoming homeowners especially right out of college because young adults are taking on massive amounts of debt to go to school and cannot afford to own a home. I do plan on owning a home because that has always been a dream of mine. Part of this is that the society that we live in teaches people that home ownership signifies success and stability. I do not believe that you have to own a home to be successful or stable because many very successful rent apartments and homes because that is what works for them. I think the decision to own a home or not is a personal one that each individual must evaluate their own financial situation and make the decision that is best for them at that particular time.
The major economic advantage of owning a home is earning equity. This is a major incentive for many people to own their own home because once they pay off their mortgage their homes likely to have gone up in value, meaning that if they sell they can make a profit. This is great if you are able to sell your home for more than you bought it for but if your home goes down in value this can prove problematic. When a person’s mortgage exceeds the value of their home because their home went down in value, they end up with negative equity. This is a major downside of home ownership because the potential of negative equity means there is potential for negative equity to occur causing that person to loose a lot of money. Negative equity is likely to occur for people who buy a home at the height of the market because it is likely to go down in value. Owning a home can be very risky but also very rewarding. The article mentions that more stable neighborhoods with more homeowners tend to have less crime and children of homeowners tend to do better in school. This being said the correlation between these two things does not imply causation. Overall, I believe that homeownership is not for everyone and it has its benefits and drawbacks. I believe that everyone must evaluate their own personal circumstances and make the best decision for them.
In U.S. history, it has truly been the "American Dream" to own your own home. A place where your kids can play and where your family can strive to become better. A stationary home will not only supply to a positive feeling of achieving the American Dream but you can turn a stationary home into your home. You can change it however you like but rentals and other places of living don't allow for this type of designing. However, studies have show that maybe renting is the way to go. In the past four years, American home owners have decreased steadily. Americans are struggling to pay mortgages and as many as 2.3 million people in 2008 lost their homes to foreclosure. That's a huge factor into why people are trading in their house for rentals. In my opinion, I think people who rented houses were looked down upon a couple years ago. If you didn't have your own house, people would think you are struggling with money. However, these people are now looked at as being the smart ones and the ones who don't need to worry about paying off their mortgages. In the future, I do plan on owning my house. Although it might not be the best financial decision, I would like the opportunity to transform my own property into the way i want it to be.
Advantages of home ownership include promoting saving money among American families as well as a sense of independence and accomplishment for homeowners. The drawbacks of owning a home is that property value can drop depending on how the housing market is looking and you must also worry about negative equity. There's more of a negative view of renting in the United States because it leads to weaker communities and things of that nature. I don't agree with this because when I lived in an apartment with my mom my neighbors in the building were sometimes more friendly than the neighbors who owned homes in my dad's development. Historical views on home ownership in America were deeply rooted in the American Dream. This has changed with the landscape of America and the idea of home ownership doesn't seem to be on every citizens agenda. In order to foster home ownership, the US government has been introducing home ownership schemes to make it more affordable to buy a house as well as giving deductions on mortgages. These aren't good policies because it's leading to banks giving out mortgages to people who cannot pay them which is messing with the housing market. In other areas of the world, there is a very high percentage of home ownership, especially throughout Europe. If I wind up buying a house, great. If I don't, great. A house is not on my list of priorities.
Home Ownership is a very effective way to save up money as an individual, helps the economy as it encourages individuals to save money, and it also benefits society because most homeowners are more prone to spend more on their neighborhoods since they want to make the area that they live in better. Home Ownership, as a result, appears to benefit everyone and everything, however is this really true? The desire to become a homeowner is a major cause of the economic crisis America began to face in the late 2000s, as a result of subprime mortgages.
In America, home ownership is viewed as more important than renting a home. If given the option, any American would rather own a home than have to rent one. It has also been shown that children will do better in school if their parents are home owners, rather than renters. The article states “One study in America found that, in 2000, the mathematics scores of the children of homeowners were 9% higher than those of renters' children; reading levels were 7% higher”. This shows the academic discrepancy between those children who have homeowners as parents relative to those children whose parents rent a home, and shows one of the reasons that home ownership is prioritized over renting. In my opinion, renting is something that many people take as a sign that one is “unsuccessful” however I think that it is perfectly acceptable to rent. Renting is often a better option than buying a home, because not everyone can afford the hundreds of thousands of dollars it costs to buy a home.
Historically, part of the “American Dream” was to have a nice home to live in. Having a home has always been one of the priorities of most Americans. This still appears to hold true in today’s society. People will save up to buy a home as soon as they possibly can, as it is their own way of accumulating wealth, and providing a sense of security in one’s own home. I plan on buying a home after I save up enough money after college and getting a job. My three main priorities will be to: 1) get a car, 2) have a family, and 3) get a home.
Home Ownership is a very effective way to save up money as an individual, helps the economy as it encourages individuals to save money, and it also benefits society because most homeowners are more prone to spend more on their neighborhoods since they want to make the area that they live in better. Home Ownership, as a result, appears to benefit everyone and everything, however is this really true? The desire to become a homeowner is a major cause of the economic crisis America began to face in the late 2000s, as a result of subprime mortgages.
In America, home ownership is viewed as more important than renting a home. If given the option, any American would rather own a home than have to rent one. It has also been shown that children will do better in school if their parents are home owners, rather than renters. The article states “One study in America found that, in 2000, the mathematics scores of the children of homeowners were 9% higher than those of renters' children; reading levels were 7% higher”. This shows the academic discrepancy between those children who have homeowners as parents relative to those children whose parents rent a home, and shows one of the reasons that home ownership is prioritized over renting. In my opinion, renting is something that many people take as a sign that one is “unsuccessful” however I think that it is perfectly acceptable to rent. Renting is often a better option than buying a home, because not everyone can afford the hundreds of thousands of dollars it costs to buy a home.
Historically, part of the “American Dream” was to have a nice home to live in. Having a home has always been one of the priorities of most Americans. This still appears to hold true in today’s society. People will save up to buy a home as soon as they possibly can, as it is their own way of accumulating wealth, and providing a sense of security in one’s own home. I plan on buying a home after I save up enough money after college and getting a job. My three main priorities will be to: 1) get a car, 2) have a family, and 3) get a home.
The advantages of owning a home would include being able to accumulate wealth, from a societal viewpoint, homeowners invest more in their neighborhoods, engage more in civic activities and encourage their children to do better in school than people who rent housing. I think owning a home should be more relied on than renting because your house shows your accomplishments. Everyone wants to have a nice house in life, its a way to show off their hard work. Renting housing would not have that same affect on a person and its as if they are only working to provide an average life. If someone works hard throughout their career and can afford it, they should be able to buy a house without the strain the United States is putting on them.
Firstly, there are both advantages and disadvantages of home ownership. On the positive side, owning houses instead of renting them helps people accumulate wealth, encourages people to save, causes people invest more in their neighborhoods, inspires people to engage more in civic activities, and improves children’s grades. However, on the negative side, owning a house could result in negative equity where the house is devalued even though the mortgage that must be paid is high and there are also various expenses that come with maintaining a house. While there is an obvious trade-off there, there is also the option of renting a house, although that is seen as something one does when one is poor or is just starting out after college. It is also perceived that renters do not contribute as much to the community because they do not have (semi-) permanent ties to the area. I believe these views to be somewhat accurate as well, but a renter can still be enthusiastic about an area and contribute to the community even though he/she does not have enough money to actually buy a house there yet.
Secondly, historical views on home ownership seem to advocate for owning a house. It’s all part of that American Dream concept put forth by Horatio Alger—work hard, get money, rise in economic status, buy a car, buy a house, etc. This is also supported in media such as in the film “It's a Wonderful Life”. But, one can say that this isn’t relevant today because of the widening income gap and the failure of people to attain that American Dream, part of which is home ownership. However, the Anglo-Saxon—that is to say, western—view of home ownership still stands as people are still willing to pay for homes to get the benefits of ownership explained previously. I am certainly going to own a home in the future to gain said benefits, but I might (probably) have to rent a home first because of the high cost versus low income after I graduate college. My greater priority though is to get a good education, job, insurance, etc. The house comes later.
Many people view owning a home as a neccesity in order to start a family. In the near future, I will be faced with the decision of needing to buy a house or rent a home/apartment. The advantages of home owner ship are obtaining stability, being apart of a community, and helping your kids adapt to a town. These advantages encourage a family to buy a house because parents want to see their kids fit in with a community. The drawbacks are commiting to living in a certain area because if you are not satisfied with your home it is hard to resell the house and move again. Also, renting an apartment makes it easier to move, and have a freedom of where you want to live. Renting an apartment is seen as being a second class citizen because kids tend to do worse in school and owning a home makes you seem on higher social class ranking. I disagree with those views because renting an apartment doesn't mean you are less wealthy than a house owner. In the future, I would like to own a house in a suburban area with my future family
Owning a home is definitely seen as the best option in today’s day and age. Overall, people feel more comfortable and secure knowing that they own the house that their family lives in. There are many obvious pros of owning a home over renting one, like a sense of community, permanence, and the freedom to do whatever you want with your house. Renting a home can also be seen as a burden, considering that you have to follow your landlord’s restrictions and having the possibility of being asked to leave at any time. I agree with these common assumptions to an extent. One of my neighbors moved out of state a few years ago and are currently renting their home to a tenant, but recently the homeowners decided that they want to sell their house, so now the tenant is facing sudden eviction. This lack of security is one of the main reasons why renting a home is avoided, but there are distinct drawbacks of home ownership as well.
Home ownership can be a risky investment, especially when a sudden drop in prices is expected. Homeowners overall feel happier and wealthier when the price of their home is high, but when prices drop, they feel financially endangered. Renting a home is seen as something only poorer people do, when in reality, many apartments are worth a lot more than homes, not to mention home renters do not have to worry about mortgages or the increasing mortgage debt the US faces daily.
Home ownership has many big values that can help spur growth in a community. For example, 69% of people which own a house as opposed to rent vote in local elections as opposed to the renters which was about 44%. There is also way more participation in the community such as clubs, PTA, and mostly just spreading wealth among the community instead of just moving from town to town and not having children to encourage more money spent on the local communities. The drawback to home ownership though, is the major long term investment that has to be made. The reasoning why this is bad is since if the housing market around your neighborhood goes down by a couple of percent points, you end up losing thousands of dollars.
Renting is viewed inferior in the US as opposed to other countries since the government actually encourages the mortgages of houses. This is in the form of tax breaks, which indirectly says that renting isn't good. The USA is a little bit incorrect since we unlike houses, if someone renting an apartment moves, it doesn't affect the housing market. If someone buying a house tries to sell it, the article even states, "if lenders foreclose on 3-4% of properties in an area, local prices fall even faster and further than average." which means that selling does more bad than good.
Historically, owning a house was thought to be the best possible way to stimulate the economy since it was thought to be the perfect investment. With statistics, the research points to recessions being directly related to house price drops and selling of homes.
Contradictory to the United States, other countries have different views on housing. Germany, a 0th world country, approves of renting for years and many people that inhabit tend to be there for around "9 years". Even though these paths seem to lead to more debt, other countries most likely do this so that they can use their borrowed money as a disposable income.
In the future, I hope that I'll be able to own a house, but I will probably start out with renting since it will allow for me to save up money in the future. I will also make sure to get a house that is within a reasonable amount in contrast to my income because that will leave me more comfortable.
Some advantages of home ownership are an increased sense of wealth and involvement in a community. In addition, home ownership is beneficial to the economy as people invest more. However, buying homes can be dangerous as a result of a falling housing market which was in turn caused by subsidizing houses for less wealthy people. In addition, owning a house often means having a mortgage, and many people who cannot afford to pay off their mortgages default on their loans (despite the myth that owning a house is the fastest way to accumulating wealth), which is actually what led to the housing bubble burst in the late 2000s. Renting is not viewed as an attractive as an option as buying, since statistics show that renters tend to move a lot, which in turn results in a less stable community. In general, owners are seen as more committed and involved with society than renters. Although this is a common view, most of these generalizations aren’t entirely accurate, since renters in areas with long renting periods such as Germany do not experience this kind of trend. The government often provides no-interest loans for people to help buy their houses even if they don’t have a good credit score, which is a good idea in theory, but is not actually good when put into effect, since many people were unable to pay back the mortgages thus creating a financial disaster. In other nations such as Germany, home ownership is not viewed as such an important thing, and many people rent for long periods of time, which creates stable communities as opposed to the US’ short-term renting periods.
Personally, owning a home isn’t as important as having a comfortable place to live. I don’t see renting a home as a huge issue but I will buy a home if it’s convenient.
Home ownership by many is the american dream, but we live in a changing world and today that is not the case. A home today now has specific ups and downs. A home is a great thing for many because in a way, it gives you a sense of freedom due to the fact that it is owned by you. Homes also give you security and a financial bases to build your life. The only problem with homes is the price. Homes are very expensive and can make or break a family. It is also a lot of risk depending on who you buy it from. In the US people also rent out places. This Is sadly looked down on today due to the fact that people associate homes with money and apartments with no money. This is because of the image the past created, where the wealthy all owned huge homes and giant spaces of land. Today this is not the case, they're plenty of rich folk who own apartments or rent out flats in the city. The way that the US government helps us with this is buy giving people aid when near foreclosure. I feel like this is counter productive and does not work because when a house is near foreclosure it is usually there for a reason and will continue to plumit. This is positive in a way that foreclosed houses sell for cheaper because the bank owns it and that would help the economy. In the future I would like to have a house of my own one day but I plan on renting a small apartment first to get my life started. There is no need to rush into debt
Coming to America, many immigrants had pictured the perfect life in America. This "American Dream" concept almost always included the idea of owning a home. Home ownership has many advantages that many home owners do not even realize. Through studies, many researchers have come to the conclusion that children that come from owned homes are more likely to receive higher grades in school and go to an university. I find this data very interesting and almost not likely to be true. Even though, the author tried to explain it I still don't understand. I feel the method in which you live in a house so not correlate with grades. Another benefit is a stable home and life is very constant. The family would live in the house for a long period of time and families don't have to worry about moving and it provides a safe environment for everyone. There are so negative aspects about owning a home, however. A negative aspect is a very stable life. Even though, it has many positives it does have some negatives. One negative is that since many people won't move because they bought a house, so labor markets become more rigid. That idea brought up by Andrew Oswald is very controversial in the eyes of many economists. Renting is often viewed with a negative connotation in the United States. Renters are often viewed as less wealthy,lazy, not that responsible and often is a more troublesome neighbor. Also, renters are most of the time viewed with the idea that there is something wrong with them. I don't think these views are very accurate. My neighbors just happen to be renters and they are all very nice people and cause no problems. I don't view them any differently then if they owned the house. People should not be judged on the way they choose to live, but in today's society that is the norm.
Home ownership in America is one of the biggest economic decisions in anyone's life. It is still a major part of the american dream even if it is not needed in life because of the increase in renting houses and apartments. Home ownership gives americans a sense of freedom and privacy that may or may not be truly there. Home ownership is however becoming redundant, with many upsides to renting that may very soon become the main way of housing. In my opinion home ownership is needed to have a healthy economy and is needed for growth.
After reading "Shelter, or Burden?", it becomes clear that buying and owning a home can become more of a responsibility than a pleasure. A sense of pride comes from being a home owner, considering most people have believed this to be a necessity. The American Dream undoubtedly contains having a family and a house you can call your own. Moral support, for short, is the benefit of home ownership. However, as the article addresses, some owners find themselves in negative equity, struggling to make ends meets and pay off their loans. These people may have been better off with renting, but the social pressure to conform and be accepted with the belief owning a home is more widely accepted causes the people to haul these burdens instead. The opportunity cost is much greater in most cases, however some are clouded by social beliefs. Some may believe renting is for young adults who have yet to start a family, others may see it as a living situation that accomodates the lower middle class of people. However, these are not all accurate. Many people may choose to rent if living alone or if their life is volatile and constantly moving. In the 1950's and 60's where conformity was a way of life, family and home ownership was not a question. Today, society is a little more lenient with how we accept and perceive those who choose one, the other or neither. The US government promoting lower interest rates, allowing for the average american to take out a loan or mortgage does promote the growth of the industry, however these middle lower class Americans who are now told can uphold the American Dream of holding a house may not be able to sustain such a luxury. I do plan to own a house, because I plan on raising a large family. I would hope I am able to be successful and achieve my goals as a mother and a consumer, but I must prepare for the worst. We live one of the most expensive areas in the world, and if moving away from home or renting a house or apartment coincides with my lifestyle better, then it will be necessary to alter my goals.
Like most other things, owning a home can be convincingly argued as both a negative and positive thing. Owning a home can be considered positive because it tends to help homeowners "accumulate wealth", help the economy by encouraging people to save, and help society because it convinces homeowners to invest more in their neighborhoods. However, according to Paul Krugman, "you can make a good case that America already has too many homeowners". Another negative side effect of home ownership is the chance of facing "negative equity". According to this article "roughly 10m Americans" are experiencing this traumatic loss.
I find it very interesting how related home ownership is to many factors such as political participation, children education, and behavior.
Of course there is a long list of benefits to owning a home. Creating that binding agreement to buy home allows people to, as the article insists, "settle down" and invest in everything from their homes to their town and community. Such actions allow communities and cities to grow and expand. Similarly, home ownership encourages the "family style" setting that is more likely to create a law-abiding community. The drawbacks however are largely related to the advantages. There is, of course, financial expenditures and a great legal difficulty in owning a home, but these things can't compare to the benefits.
Evidence in the article suggests that children coming from rented homes are 25% to go to a university, had 7% higher reading levels etc. We must consider that renting is much cheaper, so low-income families, who can't spare much as it is for education, are saving money by renting. This is one key benefit, especially for families that can't afford to own a home.
I do largely support the United States' policies on promoting home owning. Home owning can create the snowball affect. Owning the home causes investment which in turn increases property value and standards of living. A moderate approach toward pushing people toward buying homes, I believe, is a good idea but not at this time in our economy; it is still too unstable to promote wide scale.
As for myself, renting versus owning a home was never a consideration. It seemed to distant. Probably much later in life I will own a home, despite the necessary expenditures. Simply owning a home wherever I end up living will allow my community to flourish, and I like the sound of that.
Home ownership provides a tremendous amount of advantages, but at the same time, drawbacks. Homeowners are more likely to save their money, participate in government and/or regional activities, and provide brighter futures for their children. However, they also have trouble paying for the houses, that provide them with so much, when times get rough, for the housing market has the ability to completely destroy savings with its buying on margin aspects. In my opinion, renting is something that is looked on in an awful way in this country, and this is not necessarily the way it should be looked at. The instability that contracts and the renting process creates gives renting a bad "name" and makes people scoff at it. These people claim that renters are less likely to save, participate in politics and neighborhood activates, and are more likely to provide an unstable home for children. I do not agree with these facts, for they are simply stereotypes, and change from person to person. I think we get these views from the historical views on home ownership. The traditional view is that everyone should own a home. It is a save haven; "a place where the heart is". However, I do not feel as if these views are relevant today. I feel as if forcing people into home ownership just prevents diversity in America's portfolios and creates a tremendous amount of risk financially. While it may be nice to own a home, renting, which has been made better over the years, is a very great option. In order to support these traditional views, the federal government provides aid to the housing market, and those trying to buy houses. However, like stated earlier, this just eliminates diversity in American portfolios, for people are solely investing in the housing market, and hurts the economy in the long run. I think that the government should instead promote rentals, which will enable Americans to allocate more money to investments, which is very similar to what other countries have done in this situation. I look forward to home ownership myself. I am a very private person, and I need to have the "privacy of my own home".
I personally never would have thought that home owning could come up as a controversial topic however, it does seem that way. Some advantages to owning a home is that it gives you the opportunity to raise a family, acquire privacy, and as you may know, act as a shelter. That is not all as owning your own home means that you have acquired some wealth throughout your lifetime and are putting it into something that you greatly benefit you. There are so many positives to owning a home but as most things are, it is not perfect. Some drawbacks to owning a home is having a mortgage which is something that could haunt you for a while. It is extremely difficult to maintain the amount of money you need each month as well as each year to keep the house. You also need to take care of the house which also adds more cost. In today's society, renting a home is generally looked at as someone who does not have the money to buy a house which also ties into the view that the person renting a house is generally someone who is at an early stage of their life. Younger people who have just started a career typically do not earn as much as someone who has been working for a long time. Overall, renting in he US can mean a lot of things but it is very downplayed but I do think that most of the stereotypes are true. People renting house are typically younger people who do not necessarily have the money to own a home and they also may not even be ready to be a homeowner. There are always exceptions of course but I do believe that generally, the views of renting are in fact true.
In addition, history has always favored home ownership as the Anglo-Saxons believed that owning a home helped with many things such as family,economy, society, ect. This view remains true today in the suburbs of America, which are mostly dominated by relatively wealthy middle class citizens. Ont he flip note, I actually think that renting is a much more affordable option than buying a home.
The government encourages home ownership by adding some interesting benefits. I myself, do not believe that that the government should be so infused in getting more homeowners as some people just want to live a certain kind of lifestyle. Everyone is different after all.
In America, home ownership is encouraged similar to Ireland and Spain. However, in some places like Germany, people have typically preferred to rent homes rather than buy one. In the future, I would really want to own a home someday. That does not necessarily mean that I would not ever rent a place as that can sometimes be the best option. I just think owning a home gives a sense of pride and is a suitable place for a family to get formed in. I want my children to live in a place that they can truly call their home.
Some advantages of home ownership include many social benefits, such as a law-abiding community that respects its surroundings because owning a home means that someone is likely to stay there for a long period of time, leading to a greater devotion to the betterment of the community. Also, it seems as if home ownership also provides a greater place to raise children and leads to greater success for them as well. Economically, owning a home also is seen as a principal way to accumulate wealth over time for most Americans, as long as they can properly pay off mortgages without defaulting. Also, housing has seemed to fare better in economic crises than other assets. However, some drawbacks include the observation that home ownership creates a rigid labor market that causes higher amounts of unemployment and causes many homeowners fall into negative equity, especially after and during a recession that has caused the default of many homeowners that took out subprime mortgages and subsidies by poorer people to pay for homes they wish to live in precisely because of the assumption that home ownership is a great way to accumulate wealth. In addition, home ownership is seen as stable but it is also rigid, and the assets of a home cannot be sold like a share in stock. A fall in the value of the home can be devastating to a family's financial status. Renting in the U.S. is viewed as almost inferior to owning a home because of the assumption that buying a home has been the American way to live for a long time now. I like the idea of home ownership, but I think more people should be open to the idea of renting a home instead of buying a home because of the potential benefits of it and shying away from the dangers of owning a home in a volatile housing market. In American history, home ownership has been a sign of economic stability and, in one way or another, the American Dream itself to many people. I think that view is still relevant and is still passed down generationally, but views may end up changing. As of now, the U.S. government has proposed a $275 billion dollar plan to support the housing market, but I am not completely content with the idea of the government stepping in to help because in a capitalist society and a fragile housing market, some form of help may end up doing more harm in the end and cause unintended consequences, which has most likely happened beforehand. In other nations, home ownership isn't viewed as a sacred goal to aspire to achieve. Many stable somewhat stable economies, such as Germany's, tend to have many renters instead of homeowners and seem to be doing okay despite the potential social and economic drawbacks of renting. Renting also causes less mortgage debt as a whole, which can be an economic killer to many people if there's a downturn in the economy at one point. This type of event has already shown how large groups of people begin to default their mortgages as a result, which would not necessarily happen in a home-renting economy. As for myself, there is a good chance that I will own a home at some point in my life, maybe when I get married and have a job and a lifestyle that is able to fit in a home that I bought myself through a mortgage, but the future is always uncertain depending on the road I take in life. The prospect of owning a home is something to strive for if possible but doesn't rank higher than living comfortably in itself or having a good, stable occupation first which can provide for me and potentially a family. Some of these types of things come first before deciding whether to buy a home or rent one.
Some advantages to home ownership would be the sense of wealth and security, comfortable housing, and luxury in many cases. Some drawbacks would be that owning a house is often expensive and can be a great burden on a family later on if they can no longer afford the house and then have trouble selling it for what it's worth. Renting is often viewed as a lower quality of living and associated with the lower class that cannot afford a house. While some people may not be able to afford a house, it does not make them a lower class. Many of these people are young and renting to save money. Some places like the city also ses renting as a much more common practice. Home ownership has long been viewed as a very good thing: a sign of wealth and financial stability. For the most part, this still holds true as houses are expensive to buy and keep for lots of people. Home owners are even seen as more trustworthy and recieve special discounts on some occations from businesses. In the near future, I wouldn't mind renting a home because it might take a whilemto become financially set. However, in the distant future when I'm looking to start a family, I would want to own a home. Owning a home just seems like a better experience and way of living. I want my kids to grow up with a backyard and a pool and a neighborhood full of kids and a nice community that they can be safely submersed in their whole childhood. I don't feel like that can be easily obtained in a renting situation.
Some advantages of home ownership are that it encourages people to save, invest more in their neighborhoods, engage more in civic activities, encourage their children to do better at school than do enters, and allows for a deduction in mortgage-interest payments from taxable income. Yet, some drawbacks to home ownership are that it is the single most important way that families gain wealth. SO, if the housing market crashes, a lot of people, lose a lot of money, thereby, hurting the economy. Yet, housing fairs better in an economic crisis than other assets, such as stock, but, most people buy stock with cash and homes on margin. So, if stock prices fall by a certain percent, you lose that certain percent. If house prices fall by that same percent though, you could lose all of your money. Renting, in the US, is viewed more negatively than ownership. People who rent don’t get involved as much in the community or local politics as home owners do. Also, renter’s children, usually don’t fare as well as home owner’s children. I do agree with these views, in that I, myself, would be more likely to get involved in a community and its politics if I knew that I was going to be living there for a while. Also, that a child needs stability and consistency in their developmental years to fully be able to grow and succeed. If a child is stripped of these needs, he/she could be hurt in the long run.
Personally, I plan on owning a home in the future. I would like to have a family and get involved in my community and have a good, stable environment for my future children to grow up in. So owning a home fits well with my other priorities.
There are a lot of things to take under consideration when purchasing a home. It is not as easy as people think it is. It is definitely complicated. They say the advantages to owning your own home could be having your child do better in school and you will be less likely to be a nomad and move around a lot as opposed to somebody who is renting and it helps build more stable/close-knit communities. Owning your own home should also make you take pride in what you own and do your best to keep up to par with it and maintain it inside and out. Many people see owning a home more as an investment than a place to live. It seems to be that if you rent a home opposed to owning one, you are almost viewed as this second-class citizen who doesn't buy homes because they cant afford it or 2)you don't feel the need to. And I don't agree with the popular opinion that you must own a home. Some people don't need a home because they live by themselves and do not need all the extra space and others rent because they like to save their money. Home ownership is strongly supported by the government because owning a home helps the economy as a whole. It helps the individual accumulate wealth. Owning a home is not a necessity in life. I believe that if you are comfortable with where you live and the price you pay to live there, I don't think it really matters where you live. I personally am not set on owning a home when I am older for two reasons, 1)I want to live in an urban environment and 2)I don't know where life will take me and if I end up not having kids, I do not see the need to purchase a home.
There are many advantages and disadvantages of owning a home. Before buying a home, its important to consider how such a purchase will affect you financially. Owning your own home means greater privacy, and that your costs are more predictable than renting because the’re ideally based on a fixed-rate. Another advantage is that homes usually always increase in value over time. The disadvantages however can be discouraging. Homeownership is a long term financial commitment, which involves all the maintenance costs. Renting in the U.S is frowned upon, and people believe that it sets u financially back. History has always viewed home ownership positively, while encouraging people that owning your own home is a possibility. President Obama proposed a $275 billion plan to support America's housing market. In other countries, home ownership is not at important than it is in the U.S. More people outside the U.S rent rather than buy homes. I plan to own my own home when i am older, but befor i do i will make sure i am financially stable.
Some advantages of home ownership is it is your own property that is stable and allows you to have more freedom compared to maybe renting. Drawbacks are that many people are unable to pay their mortgages and are losing their homes. Renting is not viewed the same as owning a home. People feel that people that rent are less stable and are maybe just renting because they can't get a house. This ties in with the historical views of owning a house. It is though that owning a home help not only your family but the economy and society as well. This idea has continued through the years for the most part with people hoping to own a home. I would also like to own a home because I think that is the best place to raise a family and have stability in your life.
I don't think that it is important for people to own their home on an individual. There are better investments to be made as far as acquiring wealth is concerned, and home ownership is concerned. However, looking at the broader picture, I think it is important that all the homes or all the land is owned by a small percentage of the population. That would essentially make the vast majority of people serfs, subject to the outrageous prices that the land owning class would subject us to. If the majority of people didn't own their own home or land, that would mean that it all the land would fall into the hands of a few. It is certainly better for a more economically equal society that the majority of people own a small portion on the land. For some, having the ability to call a small portion of the world to call their own is important, and I think it is important that everyone has the right to own land, for the sake of equality, but every person and every family will have different needs and wants, so it is difficult to say weather it is important to buy or not.
Owning a home comes with many advantages. For years, its given people stability and comfort in having a place to call their own. It also gives the opportunity for one to invest their money as they see fit, whether it be in the stock market, community, children, or simply making improvements to the home. It's an essential element in. achieving the "American Dream." Recently, however; attitudes towards home ownership have changed. Today, in reality it's the banks who own the homes rather than the people. Though little risk comes with buying a house up front, most people do not have the means to buy a home without taking out a mortgage. Which risks ruining one's credit and foreclosure depending on market trends and housing values. Though home ownership Does have it's benefits, many people can't afford them today. Outside of America, owning a home is much less of a priority, recently and particularly in European countries. Renting in American, however; has a negative bias. It's considered almost lazy, and does not provide much stability. Though I don't agree with these opinions, I do believe that owning a home is the better option and plan to own one. It provides a place for one to make his or her own, and allows him or her to make decisions upon it that renting a home never could.
Owning a home has always been one of the core concepts of the American Dream. The ability for one to take full responsibility, care and control of property is a common value which has recently developed as a personal necessity for many. In some countries such as Germany, renting is a preferred to outright ownership and oftentimes people will rent for much longer than the American average of two years. A clear positive of home ownership for Americans is that there is no need to deal with landlords or a monthly rent. The personal pride of owning your house and following through on the American dream is more of an emotional gain rather than financial, but for many it makes ownership an attractive option. Those who own homes also receive tax breaks that renters do not receive.
On the negative side, owning a home often can lead to a stilted labor force as this causes people to stay in one place for long periods of time. Renting, however, is often looked down upon in the United States. We associate it with an irresponsible, nomadic way of life and commonly make the connection between paying rent and being poor. Personally, I believe that owning a home, especially in our current economic situation is a little scary. It is an enormous financial commitment and the idea of paying a mortgage for years and years is not appealing to me. I would like to only purchase a home if I am very stable and can truly afford it. I also would like to have a suburban home when I have a family, and live in a metropolitan setting while young.
Owning a home has always been one of the core concepts of the American Dream. The ability for one to take full responsibility, care and control of property is a common value which has recently developed as a personal necessity for many. In some countries such as Germany, renting is a preferred to outright ownership and oftentimes people will rent for much longer than the American average of two years. A clear positive of home ownership for Americans is that there is no need to deal with landlords or a monthly rent. The personal pride of owning your house and following through on the American dream is more of an emotional gain rather than financial, but for many it makes ownership an attractive option. Those who own homes also receive tax breaks that renters do not receive.
On the negative side, owning a home often can lead to a stilted labor force as this causes people to stay in one place for long periods of time. Renting, however, is often looked down upon in the United States. We associate it with an irresponsible, nomadic way of life and commonly make the connection between paying rent and being poor. Personally, I believe that owning a home, especially in our current economic situation is a little scary. It is an enormous financial commitment and the idea of paying a mortgage for years and years is not appealing to me. I would like to only purchase a home if I am very stable and can truly afford it. I also would like to have a suburban home when I have a family, and live in a metropolitan setting while young.
I think home ownership is definitely a good thing and something people should strive for. Some of the advantages of owning a home are that it helps the owner build wealth over time. Your money isn’t going into a bottomless pit like a renter’s money is. You are able to pay of your debt and then start to accumulate money afterwards. A renter will always have his monthly payment until he buys his own house. You can get mortgage tax deduction benefits and property tax is deductible. In the long run, buying a house will be much cheaper because you could take out a 20 year mortgage to pay off your house, but if you plan to be a renter your whole life, you will pay more money at the end. In the first 20 years you may say I paid less money renting than someone who owned their house. But, your payments will continue and eventually it will exceed the value of the mortgage. Some negative things are that if you lose your job or don’t have enough money for a payment, you risk foreclosure and could go bankrupt because you are locked into a long term loan. Renting is viewed as temporary and that you do not have enough money to buy your own house. These views are not exactly accurate, but I feel the same way about renters. If you have the money to buy a house, or if you have a good enough job that will be able to pay for a mortgage, you should do it so that you and your family can say that you have your own house. The US government tries to make bills like Obamas 275 billion dollar plan to help out home ownership. I don’t think using all of this money will necessarily help the problem long term. It will definitely help right away, but after this money is gone, the same problems will occur and the bill would have been a waste of 275 billion dollars. In the US, it is though that you must own your own ouse, it’s a social benefit. But in other countries, people don’t find the necessity to own your house and it isn’t a social outcaste if you don’t. I definitely plan to own a house so that I could give my family a permanent place to live and grow up and be able to be in control of my own property and make decisions that I want to make. It definitely helps in building a stronger family as well.
Despite the great risk involved in owning a home, I still believe that it is an important part of our culture and society which we should not so easily be willing to forget. I personally would like to own a home one day because I have grown up in one and would like to afford my children the same opportunity. The article claims that children from households that own their homes do better in school than those of households that rent, so I would like to take advantage of this benefit to owning my home. The government, instead of spending hundreds of billions of dollars to support the housing market, could invest in the educational and social improvements in both areas of high and low home-ownership to ensure that both options are good for the nation’s children. I also agree that we should make an effort to lessen the social stigma surrounding renting. It seems that in Germany, where “people rent for years” in one spot, there is a greater acceptance of those who have not purchased their own home. We should not so quickly assume that owning a home is better; there are benefits to both renting and owning. Personally, I have experienced ownership my whole life and am thus partial to that option, but I would never look down upon someone renting his or her home. I think people should be more informed when making the decision to ‘buy vs. rent’ because of the risk involved: losing one’s life savings, decreasing their credit score, and losing one’s home.
The advantage of owning a home stimulates growth in the economy. People save up for homes which accumulates wealth in the economy. When people buy a house they are investing in the economy which benefits everyone including the government. Some drawbacks are the mortgages that come with the homes. Most people can not afford to pay for a house upfront so they go to a bank for help. If something happens and they lose their job they can quickly become in debt and eventually lose their house to the bank because they can not pay their mortgage.
Many economists are saying that there are too many homeowners and renting is actually good however they still stress that owning a home accumulates wealth that renting does not. I think these views are accurate because renting has some upsides such as not having to take out a large mortgage however I think that owning a home has more positive impacts than renting a home.
The historical views on homeownership in America is that sometimes having a mortgage out on your home is a negative thing because peoples mortgages exceed the value of their home because house prices are falling. This is still somewhat true, mortgages are still high however the prices of houses are starting to rise.
The US government promotes home ownership by telling people that owning a home encourages a stable, more law abiding communities that better people. More people vote in elections, they join activities and clubs which better their children, which then betters the communities and economies in the future. I think these are good public policies because they better the community and economy for everyone.
Home ownership in other nations are not viewed at good because in the other countries, their mortgage rates are extremely high.
I plan to start renting when I first start out and then when I am financially stable I would like to own a home.
There are many advantages to owning a home. Owning a home is good for the economy because it encourages people to save. It is also is good for society because homeowners contribute more to their neighborhoods and encourage their children to do better at school. However, there are some drawbacks. In 2008, 2.3 million families lost their homes to foreclosure. When it comes to owning a house there is lots of uncertainty and if something goes wrong you and your family could be left without a home. In certain circumstances, renting could be considered a much more viable option. Historically, people have always preferred home ownership because it helps the economy in various ways and also a homeowner provides more civic duty. The United States government does a lot to try to encourage home ownership. For example, President Obama is proposing a $275 billion plan to expand American housing. The United States views renting as lesser than home ownership because moving around every couple of years makes it tougher to accumulate wealth, and therefore they receive less tax breaks than homeowners. For myself, I believe that owning a house will be the best option for me when I am living in the suburbs. However in the near future I do see myself renting while I am trying to pursue a career because it will be a more convenient option for me at that time in my life.
Home ownership seems like a wonderful thing, you create a place for yourself and make it a home for you and your family. The government also sees owning a home as an asset to the economy; therefore Obama is proposing a housing market plan for $275 billion. But the housing market doesn't seem to be all that great. With foreclosures and people not being able to afford their mortgage the ‘American Dream’ of being able to own a home seems to be a nightmare. Renting seems like a much better option. I personally would like to own a home one day. I would like to own one in Florida where the housing market seems to be doing well. My father owns a real estate company down in Florida so he should give me the tips and tricks to home ownership.
For years, Americans have strived for the American dream of owning a home. While there are advantages of doing so, there are disadvantages as well. Today, home ownership has become extremely expensive and tough for average income families to afford in the recent recession. Conventional wisdom says that it’s good for society because homeowners invest more in their neighborhoods, engage more in civic activities and encourage their children to do work harder at school than renters do. Also, it’s the single most important way families accumulate wealth through equity over time. I believe it’s the best investment a citizen can make. Moreover, areas full of homeowners are more stable than areas with tons of renters because studies show that they stay where they are for nine years, while renters move every two. Over, buying a home has drawback though. For example, an American must put down a down payment, pay a closing fee and pay a costly mortgage bill every month. On the other hand, renters just pay one small monthly fee and don’t have to pay electric or water bills usually. America’s youth and lower class often falls into the rent category.
Overall, America has tried to increase home ownership in recent years but has failed to do, instead contributing to the wider economic crisis. For example, in mid-February Barack Obama proposed a $275 billion plan to support America's housing market. This hasn’t paid off yet and just continues to increase our national debt. This is a major issue that politicians must think about. Furthermore, other countries have formed different views on home ownership. For example, Germany doesn't think home ownership is as important as in the US as people rent for up to many years, stabilizing communities. Lastly, I hoped to own a home one day because I want the investment because I love to take chances.
Homeowners today live in debt from home mortgages yet it is necessary for adults who want to raise a family and live independently. Owning a home gives people a chance to save their money and help grow our economy by spending. Purchasing a home today is a huge economic commitment. When people purchase homes they tend to create and form a well functioning community. While renting homes people are in and out and don't help shape a community which can possibly hinder small businesses locally.
Home ownership can have advantages because if you are lucky enough to be in a good financial position you can rent houses to make money. Owning a house can also improve social position because people are happier when they know they can provide a roof and food that is their own for their families. The drawbacks though are that if you aren’t doing well financially your house could be taken of foreclosed. Renting is viewed as a way to make money on the side if you have the financial privilege of owning a house that has extra rooms that can be rented. These views are accurate. Historically 69 percent of Americans owned their own houses and people were encouraged to get their own houses. These views are still relevant but there has been a slight decrease in the number of people who own homes from 69 percent to 67.5 percent. This shows that the change isn’t incredibly drastic but some people have opted out of investing everything into their own house. The U.S. government has been trying to encourage home ownership by proposing a 275 billion dollar plan to improve the house market industry. This policy is a good idea. Home ownership in other nations is similar to us in Ireland and Spain but in other countries it has dropped. Depending on how large a family I have wen I am older depends on whether or not I will invest in a house. It is something that will just happen if it needs to but it won’t if it isn’t required.
Home ownership can have advantages because if you are lucky enough to be in a good financial position you can rent houses to make money. Owning a house can also improve social position because people are happier when they know they can provide a roof and food that is their own for their families. The drawbacks though are that if you aren’t doing well financially your house could be taken of foreclosed. Renting is viewed as a way to make money on the side if you have the financial privilege of owning a house that has extra rooms that can be rented. These views are accurate. Historically 69 percent of Americans owned their own houses and people were encouraged to get their own houses. These views are still relevant but there has been a slight decrease in the number of people who own homes from 69 percent to 67.5 percent. This shows that the change isn’t incredibly drastic but some people have opted out of investing everything into their own house. The U.S. government has been trying to encourage home ownership by proposing a 275 billion dollar plan to improve the house market industry. This policy is a good idea. Home ownership in other nations is similar to us in Ireland and Spain but in other countries it has dropped. Depending on how large a family I have wen I am older depends on whether or not I will invest in a house. It is something that will just happen if it needs to but it won’t if it isn’t required.
There are clearly both advantages and disadvantages to home ownership. Being raised in a family where long term home ownership was the norm, I suppose I am a tad biased.
As it has always been, owning a home is a reflection of one's wealth and success. Also, according to the article, more home ownership leads to more stable neighborhoods, more law abiding citizens, and political participation is stronger. Children of home owners are more likely to do better in school as well.
Home ownership, however, does have some economic drawbacks such as; the cost of the houses, and the possibilities of foreclosure.
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