Originally Posted by patrickBOOTH
I don't know. I like the idea of condo ownership. Not so much house ownership. In NYC we are pretty insulated from drastic real estate flucuations. I just know right now there are a lot of people paying insane amounts of money for rent which will only drive up RE values as more people begin to buy.
I'm not even really talking about value. I bought my house after the bubble burst, so I'm mostly not affected by that, at least in terms of lost value (though I'm.
What I'm talking about is things like costs outside of mortgage/insurance/taxes, lack of mobility, time spent on the home, etc. Those people paying rent don't have to spend a dime when the water heater explodes and the AC stops working in August, and they can up and move whenever they wish at considerably less expense than someone with a mortgage. They also don't have to spend their Saturdays playing handyman around the house. Basically, they may pay more monthly, but they're also insulated from a lot of cost, financial and otherwise.
I understand that a career man in a good job with kids in a school system would find home ownership desirable, but, for large swaths of the population, I think our society vastly overvalues buying a home. There are positives, to be sure, but there are also significant costs that often seem to be ignored by the "you've just gotta own a home" crowd.