tag:blogger.com,1999:blog-11719208.post1429408756433002118..comments2023-11-05T04:36:14.223-08:00Comments on The Mess That Greenspan Made: On the burden of home ownershipTimhttp://www.blogger.com/profile/16530974968126497397noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-11719208.post-63241700476988113262009-04-20T09:29:00.000-07:002009-04-20T09:29:00.000-07:00The urge to "own" you home is fairly new for most ...The urge to "own" you home is fairly new for most of the western world, historically speaking. In Victorian England the vast majority of folks rented their entire lives and there was no drive or regret about not owning. In fact, it was often considered more sensible to rent because people were very mobile during the industrial revolution and one never knew when their family might be "moving up". Owning a house would tie you to an unsutable neighborhood, in the event that you income grew. <br /><br />I suspect the ownership drive spread from America, where there was plenty of land for everyone, over to Europe. It is interesting to see how the societal expectation has turned almost 180 degrees in about 100, 150 years.Christinenoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-28670137647753653622009-04-19T21:44:00.000-07:002009-04-19T21:44:00.000-07:00The Germans are much more inclined to RENT than sa...The Germans are much more inclined to RENT than say Americans.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-25216805543684240982009-04-19T20:31:00.000-07:002009-04-19T20:31:00.000-07:00One thing those consumed with thinking of the worl...One thing those consumed with thinking of the world in terms of dollars (economists, investors, etc) sometimes forget is that there are indeed other benefits to home ownership that don't translate into money. <br /><br />Freedom to do what you want in your own home, the knowledge you won't be forced to move every few years as landlords sell out, being able to establish a business at your home (often prohibited), the enjoyment of a nicer lawn and yard than in most rentals, often a better set of neighbors (stable neighborhoods here have few homes for rent), etc, etc, etc. <br /><br />I spend about the same to own as to rent after taking into account tax deductions and other factors. The real cost is a$100,000 down payment tied up making nothing. But that's not a huge sacrifice these days.<br /><br />In other markets I've lived in owning would cost nearly double what renting costs. And the way some people live in soulless suburban subdivision neighborhoods full of transients on tiny unprivate lots, I do wonder why they bother owning, as the rental experience is barely any different for them. In fact, it can be much worse, as I witness a lot of conflict between people sandwiched together like rats in a cage. At least when you're renting you can move in less than a year. <br /><br />But yes, the days of home ownership being a path to wealth are probably gone for a long time. Still, there is more to life than dollars and cents.Bruno Tnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-17105487834920913132009-04-19T18:41:00.000-07:002009-04-19T18:41:00.000-07:00Becoming a member of a housing coop is a good alte...Becoming a member of a housing coop is a good alternative.Alanhttps://www.blogger.com/profile/00449919969036824198noreply@blogger.comtag:blogger.com,1999:blog-11719208.post-17663085038937969762009-04-19T18:20:00.000-07:002009-04-19T18:20:00.000-07:00Yes -- good to see you back. Those family "events"...Yes -- good to see you back. Those family "events" make you appreciate life all the more........KRnoreply@blogger.comtag:blogger.com,1999:blog-11719208.post-23432357207140071312009-04-19T16:44:00.000-07:002009-04-19T16:44:00.000-07:00As a long time renter that transitioned to home ow...As a long time renter that transitioned to home ownership last year I can attest that "owning" a home is easily more costly and more labor intensive than renting.<br /><br />Glad to see you back Tim, again best wishes for you and yours.EconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.com