Wednesday, July 28, 2010 2:58 PM
Home ownership has long been considered part of the American Dream. But with the economy in a recession and fallout from the mortgage crisis, many Americans are rethinking that equation.
The housing bubble burst was a rude awakening for many Americans -- it reminded them that a home equals debt. Now many home shoppers are taking a fresh look at renting.
The homeownership rate is plummeting and home sales remain weak – they fell to 5.1 percent in June, according to the National Association of Realtors. It’s been estimated an additional 6 to 8 million Americans will default on their mortgages in the next 2 years.
Those numbers translate into big deals for renters! With so many homes and apartments on the market, rents are being held down. The consumer price index inched up only 0.3 percent last year, the lowest yearly increase since the 1940s.
Furthermore, tighter lending standards are making it tougher for people to buy a home. And if you’re so lucky as to get a mortgage, another downturn in the economy could mean you mortgage is worth more than your home.
There are other perks to renting -- like having the flexibility to move. Moving isn’t so easy when you own a home you can’t sell! Homebuyers should plan to keep their homes for at least eight years, according to the National Association of Realtors.
And perhaps the best perk of all – when something breaks, it’s not your problem! A rental budget is more predictable and you won’t have to ante up the cash for last minute repairs.
Renting is a secure move in the uncertain economy. With over 75 rental properties across the country, Aspen Square can get you in to an apartment that’s the perfect fit for you, your lifestyle, and your budget.