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With foreclosures on the rise again, is renting the new American dream?

  1. JamesPoppell profile image84
    JamesPoppellposted 6 years ago

    With foreclosures on the rise again, is renting the new American dream?


  2. gregas profile image83
    gregasposted 6 years ago

    For a lot of people there isn't much choice, that is if the can afford to get off the street. Greg

  3. teaches12345 profile image96
    teaches12345posted 6 years ago

    I heard that there is a slight improvement in home sales and decrease in foreclosures over the past six months. Don't  know if this is true but it will be some time before we see the proof through economic statistics. I would advice to rent before buying if they are looking at residential options.

  4. lburmaster profile image83
    lburmasterposted 6 years ago

    That's kind of ironic you asked. It is my dream to rent a home through my bachelor's and master's degree programs and after that until I can afford my own home. However, renting a home will never overcome the joy of owning a home all for yourself.

  5. veritorogue profile image60
    veritorogueposted 6 years ago

    It is not the American dream by any stretch of the imagination. Renting is a mode of housing that suits many but property ownership is important for sustaining a vibrant and expanding middle class. In the near future rental rates will rise because demand will increase as purchasing will not be an option for many. The move towards renting is just another sign that we are descending into serfdom.

  6. feenix profile image59
    feenixposted 6 years ago

    Personally, I have almost always thought that renting should be the "American Dream."

    But perhaps I see things that way because I have been residing in the Manhattan Borough of New York City for nearly 35 years.

  7. housevirtualtour profile image59
    housevirtualtourposted 5 years ago

    I will disclose that I am a Realtor in California. The market finally hit bottom in mine and many others' opinions. The interest rate could not be lower, and California is helping low income people with up to 3% for down-payment. You can buy a house roughly $200,000 for 1 income or $220,000 for 2 incomes with 1% out of your pocket (3 bed in some areas of LA). The mortgage + mortgage insurance + home insurance + home maintenance would be less than the rent for the same size house and even for a larger one.

    The real dream is of 2 years of W2's and a fico above 640. Anyone can improve his/her credit. Check www.annualcreditreport.com for free credit report and start achieving your dream. Income is important also and staying in the same job/activity for 2 years should be everyone's goal now that employment started to improve.

  8. profile image56
    inspired7posted 3 years ago

    Buying is something people should do in a smart way...(don't buy what you cant afford)  make sure you can make the monthly payment comfortably.
    (Dirt Cheap Houses:  http://dirtcheaphomes.homestead.com/index.html