Originally featured at New Geography.
Home ownership has been considered an integral part of the American Dream for as long as anyone can remember. Now it has come under scrutiny, notably in a June Wall Street Journal piece by Richard Florida, which claims that that home ownership reduces employment opportunities for young adults, since it limits their mobility. To support ownership, others — particularly Wendell Cox — have argued that home ownership levels do not correlate with the economic productivity of cities...(continue reading)
I'm in my mid-30s and live in the Greater Vancouver area. I've been "told" I should get into the real estate market and buy a place. My problem is that I just don't see the value in owning a place. I typically own something until it dies. For example, my truck is 10 years old. It'll run for another 10 easy. I'm not about to get rid of it and buy a new vehicle "just because". My computer is the same way. I bought it and I'll use it until it's just not doing what it needs to.
ReplyDeleteA house is supposed to be a home. It's something I would want to live in for the rest of my life. But I cannot justify the cost of a mortgage which automatically doubles the cost of the house. Or the property taxes payable to the city (which only increase).
Renting makes far more sense to me. Especially when you consider that in 10 years when I buy my new truck, I'll be loading it up and driving it off to the interior of B.C. to live.
Ironically, my next piece for New Geography is going to be on Vancouver's real estate market. Vancouver is actually the least affordable housing market in the English speaking world.
ReplyDelete