With foreclosures on the rise again, is renting the new American dream?
For a lot of people there isn't much choice, that is if the can afford to get off the street. Greg
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.
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.
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.
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.
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.
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
by CWanamaker5 years ago
How has the American Dream changed over the past 100 years?
by Thomas Byers4 years ago
Minimum Wage Needs To Go Up To A Fair Wage And The Rich Should Pay Their Fair Share Of TaxesThe wealthy should have to pay their fair share of taxes but this just isn't happening. I've never understood why it isn't set...
by sannyasinman7 years ago
http://www.youtube.com/watch?v=BP2OvOS_ … ded#at=128
by Cuttler3 years ago
As an American, do you still believe in living ''The American dream''????Though I am not an American, I have always felt driven by the slogan 'living the american dream'. But in recent years with all that is happening...
by My Esoteric3 years ago
Yes, that is true. Assuming 125 million households in America, if National Income (sum of income from wages and capital) increased on average $1,- the top 1% would see a $21.66 rise in income,- the next 9% would...
by A Ercoli7 years ago
What in your opinion would you consider the America dream?
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.