Renting is the American Dream?

USA Today’s article on the front page today titled “Home rentals — the new American Dream?” shares the story of Steve and Jodi Jacobson from Arizona who put their heart and soul into their home before the market and his job forced them into foreclosure. Sadly, they also lost the $100,000 that they had put down for their home.

The article goes on to discuss how single-family home rental is the fastest segment of the rental market and how investors are capitalizing on this new surge in renting, but does is this really the American dream? Do neighborhoods where the ratios of renters to owners really create a sense of community for its residents?

While foreclosures across the country have forced families to rent or find other solutions, the article does site a survey that found that 83% of renters want to own a home.*  Renting is typically more economical than owning per month, but that money does not go towards building equity. Instead, it lines a landlord’s pocket. And don’t forget about the tax benefits of owning versus renting.

There is something to be said for home that is owned. In a rental home, interior design choices are not your own. There is less of financial investment, but often there is a lack of emotional investment that can accompany that. Because the situation lacks permanence, families may feel they are not at home, even after renting for years.

With our Path2Buy program, we can show renters how to find their way back to owning a place of their own. We understand the importance of making sure that our buyer can afford their homes to avoid foreclose in the future. At Fairway, our goal is to partner with our buyers for life to create a healthy, sustainable plan for growing wealth over the years and that starts with owning a home that they can afford and budgeting for the rainy days.

Don’t let the goal of owning your perfect home turn into renting. Call us today to inquire how we can keep the American dream available to you.

 

*From the USA Today story: Burns expects that 70% of those who lose homes to mortgage distress will own again. A recent Harris Interactive survey, commissioned by Coldwell Banker, found that 83% of renters want to own a home.

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