I was reading this blog and I came across this title. It made me think a little. Yes, having an apartment is freedom from maintenance upkeep and the ups and downs from the market.
I think in the long run it pays off to own a home, then again I live where the average home price is $178,000.
But, the writer is from the California area, therefore, renting will always outsmart owning.
I do not have a nomadic lifestyle, therefore I own. I like establishing a foundation for my family. To each it's own.
Monday, February 25
Not buying a house means complete freedom
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3 cool comments:
Yes, not buying a house means complete freedom in the short run.
Since I'm sufficiently far-sighted to project decades ahead, I fully understand that my "not buying a house" in my working years means that when I am no longer able to work, I will be destitute because two-thirds of my meager Social Security check will be required for rent.
"I do not have a nomadic lifestyle, therefore I own."
The above statement is a non sequitur.
Millions of Americans do not have a nomadic lifestyle, and they don't own.
We move every 18 months to 2 years so we have never owned a home. (military family, we are not running from the IRS ;)
It is freedom in the sense that we can pick up and go whenever we want, but one day we hope to settle down and own something.
I think home ownership is relative. I know many people who are house poor because they have bought into the idea that homeownership is a status symbol. They can barely afford the mortgage and are going deeper into debt to furnish and maintain their home. I also know people who have lived in the same area for 20 years and rented the entire time. That is silly to me, at some point owning becomes a smarter option financially.
I agree with minimum wage in that when I retire I don't want part of my income going towards rent.
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