Is Owning a Home Still the American Dream?

Homeownership in the U.S. hit a nearly 18-year low in the second quarter of 2013, according to the Department of Commerce. The rate declined to 65.1 percent, the lowest level since 1995.

With prices booming but less people owning houses, is home ownership still a wise investment?

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2 Responses to Is Owning a Home Still the American Dream?

  1. Carl November 11, 2013 at 7:14 pm #

    No thanks. People see a house, I see a ball-and-chain.

  2. Michael November 13, 2013 at 3:31 pm #

    For me it is.

    I live directly on the beach in a highrise in Los Angeles. My neighbors are doctors and lawyers. They rent. There is something seriously wrong with this…

    The prices in the Greater Los Angeles Area don’t feel right. They seem inflated. How can I be certain they will hold their values let alone rise? Because the local Realtor says so?

    Speaking of price: a house in a good clean good clean safe community in Los Angeles (Pacific Palisades,Topanga Canyon, Malibu, Hollywood Hills/West Hollywood, The South Bay, Palos Verdes etc) is one million dollars minimum. Yet what are you actually getting? A house built 40+ years ago? Unacceptable. For one million dollars I should be able to get a new house designed by me. I know exactly what I want.

    I love L.A., and everything good it has to offer. But I simply can’t accept this. In the meantime, I’m stuck paying outrageous rent while I wait it out to “see what happens” in the L.A. housing market.

    On the positive side I’ve calculated the mortgage interest, property taxes, estimated maintenance and insurance based on where I currently live. I’ve deducted the total from my rent to make myself feel better.

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