Will the U.S. be a Nation of Renters or Owners?
About a week ago the National Association of Realtors stated that the “U.S. will not become a nation of renters.” They base this on a few reasons, one being that currently, over 65 percent of Americans own a home and that is a rate that has held since the 1960′s. Even with the decline in home prices over the past few years, homes do increase in value over time. This makes homeownership a great long-term investment.
Another reason is that currently housing is at 30 year record levels for affordability and interest rates are at historic lows as well. Combine these two and a buyer can get a great deal for their money. Top it off with rents being more than some monthly mortgage payments; this equals equity building for a buyer and absolutely nothing back for a renter.
We hear periodically from the nay sayers that the American dream of owning a home is dead. Nonsense! I do not know of anyone who dreams of being a renter their whole life. Everyone wants to own their own space and have a place to call their own. Granted, not everyone should own a home. Those who are not careful with their spending or are not good about paying back what they owe, should probably reconsider how they live or remain renters.
But for those that do strive to become homeowners through hard work and self-discipline, now is a great time to make that investment for their future. If you would like to know how to get startedin buying a home in the Boise area, please e-mail me: mary@BoiseRealEstateChick.com or go to my web site to see what you can afford with the mortgage calculator and to see the homes that are in that price range, go to: www.BoiseRealEstateChick.com
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