Is renting the new American Dream?

Filed in archive education on August 15, 2009

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We all know what the traditional American dream is supposed to be: Owning a home. But that dream hasn't worked out so well for a lot of people these days. It's caused a lot of folks to wonder if that American dream shouldn't be changed a bit. Maybe it's better to rent.

The Wall Street Journal recently ran an interesting story about the fear and anxiety that a home can cause when its owners are struggling to make their mortgage payments. The threat of foreclosure is a terrifying one. It's certainly no American dream.

I've long argued that renting actually makes better sense for many people. During the housing boom, though, everyone wanted to own a house. People viewed homes as quick money-makers. Of course, we've since learned what a fallacy that notion is.

A lot of people have since learned that it's nice not to have a huge mortgage payment due every month. Sure, you'll have to make those monthly rent payments, and they can be high, too. But you won't have to worry about maintenance. Those costs — try calling a plumber on a Saturday night — can be unexpectedly high, even in a newer home.

I often tell my wife that I was born to be a renter. I hate doing repair work, and I barely tolerate mowing the front lawn. I dream of living in an apartment. When the kitchen sink won't drain, I'd be able to call our landlord and let the landlord deal with the problem.

Alas, I'm in a house. It's nice for our kids. Not so nice for me, or my wallet.

So think long and hard before you decide to purchase your first home. You may discover that renting isn't all that bad.