Comments on: Is Home Ownership Still the American Dream?

By: FSBO Jane » Real Estate Round-Up

FSBO Jane » Real Estate Round-Up — Wed, 26 Nov 2008 12:55:21 +0000

[...] In an Election Day post, Frugal Dad asks, Is Home Ownership Still the American Dream? [...]

By: bee

bee — Fri, 14 Nov 2008 21:44:45 +0000

Very well written and right on, Frugal Dad. A little hard to swallow, but right on!

By: Natalie

Natalie — Sat, 08 Nov 2008 01:22:04 +0000

I feel that there is something immoral about property taxes because you never really own something free and clear. I wish my husband and I had waited before we purchased a home but luckily we are in a good market with a decent mortgage. We saw so many people making money on real estate we had to jump in. Owning is also a status thing we thought we had to achieve to have kids or something.

By: Writer's Coin

Writer's Coin — Fri, 07 Nov 2008 12:05:16 +0000

I still feel there is something mystical about owning a home. My wife and I are looking and, while I’m a very rational person that crunches the numbers on just about everything we buy, a house is one of those things that you still want to do even if the numbers aren’t overwhelmingly positive. I realize it’s a hassle with the taxes and the emergencies, but still—it’s “our hassle.” We own it. Does this make sense? Financial sense? Maybe not, but it still counts for a lot.

By: Will Barack Obama Fix Our Economy? | Money Smart Life

Will Barack Obama Fix Our Economy? | Money Smart Life — Fri, 07 Nov 2008 11:11:14 +0000

[...] takes a look at home ownership and it’s realities during this economic [...]

By: Renee@RightFootForward

Renee@RightFootForward — Wed, 05 Nov 2008 13:52:53 +0000

Hi Frugal Dad! I read your posts often, but I think this is the first time I’ve commented. I just thought I would say, that the excuse “why throw your money away renting when you could have a mortgage” is actually sort of true in our Houston market, which is still holding pretty strong. The cost of renting a $120K home in our area is about $1200/ month. Even a lot of the apartments in our area rent for $1K /month.

For those of your readers that live in similar markets, or are trying to use the same excuse…rent a crappy apartment like we do at half the price until you get your debts paid off and are in a better position.

Do we like living in our little piece of suburban ‘ghetto’ heaven? Not really, but as you said, a home is created with love, not bricks and sticks.

By: Nicki

Nicki — Wed, 05 Nov 2008 12:50:01 +0000

Thanks for another great post. We don’t plan to upgrade to a home until we have saved up 20% down and can finance a 15-year fixed-rate mortgage that we can pay off early

My husband is a lender (for cars, not houses) and is frequently saddened by how many dealers are so desperate to get people into vehicles that they try to get the same “creative financing – long term/high rate” for their customers. I think the same principle applies … the need for things we can’t afford is like an epidemic.

By: Frugal Urbanite

Frugal Urbanite — Wed, 05 Nov 2008 05:48:12 +0000

Mr. Urbanite and I just bought a foreclosure in excellent condition for about 60% of the original price of the house. We figured we could keep absorbing the $100 rent increases each year OR we could make the leap to buying and have a mortgage payment that wouldn’t increase.

I agree that ‘investing’ in a house is a poor idea. Housing markets fluctuate, repairs are needed, taxes go up. If you’re not planning on living in the same house for decades, I really do think renting is a better option. On the other hand, if you plan to make your house your permanent home, I don’t understand why you’d want to rent for the rest of your life.

By: almost there

almost there — Wed, 05 Nov 2008 03:21:37 +0000

FD: Sorry. I thought the article I saved was a web address. Here it is:

http://www.realestatejournal.com/buysell/tactics/20070313-crook.html

By: almost there

almost there — Wed, 05 Nov 2008 02:57:29 +0000

Frugal Dad, the following article was published in the WSJ in March of 07. I think it should be required reading for all contemplating buying a home. Why your home isn’t the investment you think it is.
C:\Documents and Settings\HP_Owner\My Documents\Why Your Home Isn’t the Investment You Think It Is – WSJ_com.mht