Even with the recent housing crisis, many of us still consider buying a home part of the "American dream." Meanwhile, naysayers point out all the downsides to homeownership, especially if you think of it as an investment. Where do you stand on this issue?
There's no right or wrong answer to this, because buying a home offers financial and emotional benefits—as well as some downsides when compared to renting. On one hand, you have a place you can do anything you want with, some tax breaks, and, once the mortgage is paid off, a tangible asset you own and can pass down to your heirs. On the other, you have more tax bills, maintenance and repair headaches, and the inability to just get up and leave or easily sell your property. (Buying a home isn't much fun either.)
Lately I've been seeing more opinions circling saying "Americans think owning a home is better for them than it is" (The Washington Post), "Your home is not a retirment piggy bank" (Forbes), and "Why I am never going to own a home again" (James Altucher). Vox, however, takes a contrarion view, saying buying a house is an attractive investment for many people because it's subsidized by the government (through low interest loans).
What do you think? Are you pro-homeownership or sticking with renting?
Photo by John Solie.