Closing Bell: The American Dream?
Today The Real Deal picked up on a CNBC story that questioned if home-ownership was still synonymous with the ‘American Dream’ after the housing crisis and market turmoil. While home-ownership continues to be one of the strongest equity builders, says Congressman Paul Kanjorski, he wonders if it should be an ideal for families, as “It…
Today The Real Deal picked up on a CNBC story that questioned if home-ownership was still synonymous with the ‘American Dream’ after the housing crisis and market turmoil. While home-ownership continues to be one of the strongest equity builders, says Congressman Paul Kanjorski, he wonders if it should be an ideal for families, as “It doesn’t fit all people, not all people are capable of homeownership at this time.”
I think Kanjorski was thinking of BHO.
If you buy your house and pay it off before you retire, you’ll have stable housing costs (allowing for taxes).
Home Ownership is still the American Dream. Renting stinks. Every month, the clever landlord comes and collects the money and the renter has nothing. Now some people will argue that the renter has a place to live for the month. But check this:
Month’s rent: $800
In a year landlord collect: $9,600
In 10 years (the go fast): $96,000
In 10 years, a landlord has collected almost 100K from the renter. How much has the landlord put back in? Probably 20$ with tax bill, water and a few repairs.
I’ve been a homeowner for 11 months – it’s fantastic!
If you don’t own, where do you live when you retire?
If you watch the video, you’ll see that Congressman Kanjorski concludes that housing will remain the staple of the American dream. Only in passing does he say “It doesn’t fit all people, not all people are capable of homeownership at this time.”
He is a politician, after all.
quote:
You never give up do you DIBS? Goodluck keep trying to pump up those home prices so you can try to unload your turds.
LOL. i think he buys something in the pharmacy for that actually.
*rob*
tho you could just move out and be a section 8 landlord. sometimes they make a killing, of course at the expense of the neighborhood.
*rob*
OUT AND PROUD BITTER RENTER HERE!
between maintenance, mortgage, upkeep of the property, tenant worries, etc it’s not worth the hassle. and MOST neighborhoods (outside of expensive major inner core cities) are quickly all becoming section 8 sesspools. totally not worth it. who wants to be invested in a house only to wake up one day and your surrounded by people on section 8!? which is happening in more and more places in the united states.
*rob*
You never give up do you DIBS? Goodluck keep trying to pump up those home prices so you can try to unload your turds.
I always thought the reason home ownership was the “American dream” was not because homes build equity, but because they give people a place to live that they can control, so they’re not at the mercy of a landlord who may not maintain the property and who can evict them at will. The idea is that a home is not just an investment, but a place of stability where people can raise children and build memories.
Exactly. But even that is predicated not on life in a large city, but the other American Dream that is small town Middle America, “Our Town”, Norman Rockwell paintings and church dinners. Home ownership is a wonderful thing, but not everyone wants it, needs it, or is able to have it. And there is absolutely NOTHING wrong or abnormal, or worse, unsuccessful, about that. We should have spent equal or more time with telling people that saving and living frugally, no matter if you own or rent, is just as important as the house with the picket fence.