While growing up during my childhood life, I lived in two apartments with my single mother and siblings. During my teenage years, my family decided to rent a house. During my years into young adult life, my family decided to rent an apartment in a more suburban area. Today, as a single adult, I’m renting a studio-condo. Looking back through the years, even though I had a home to keep myself comfort, the housing wasn’t owned by either myself or family.
Why do some of us rent instead of purchasing our own housing? There’s many reasons. One of the reasons could possibly be current financial state, not feeling comfortable of being a property owner, fear of paying more taxes, bills, and utilities. What if 75% of U.S, citizens could afford a house? Would they be hurting the housing market? Will the lenders be more lenient towards them? Will it cause a more financial debt due to the current state of job employment?
At this time, many will feel that it’s better to rent than to own. You can move freely at your own will once the lease is up. You can search for a suitable rent monthly payment based on your income and it’s not taxable which is a plus. The only hassle is probably having a loud/disturb neighbor or a nosey landlord.
If we don’t buy a house, but prefer to rent, what’s going to happen to all of those unoccupied houses up for sale on the market? Market value will drop indefinitely. Perhaps, the government will make some type of arraignment to seal the deal with first homeowners besides the $8, 000 tax credit that they came up with.
Hopefully, the marriage rate will increase and we see a decline in divorce rate. Remember the good old days of a happy family in a happy home?