re: Why are homeownership rates precipitously declining?

quote:

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I no longer want to do yard work and don't want to do R&M on a house.

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It always bugs me when people tell me that owning an apt is like throwing away money. For most homeowners, a big part of that mortgage payment is interest, and there are typically several hundred dollars a month in additional utilities, internet (which can sometimes be gotten for free at an apartment complex), homeowners insurance, termite insurance, flood insurance, maintenance costs, paying for replacement of big items like the roof, lawn care, etc., not to mention how much of your time is put into maintaining everything.

And that's not even counting that just to close on a house you gotta cough up $2500 minimum. AND the fact that there is absolutely no guarantee that your house won't depreciate in value while you own it due to factors entirely outside of your control.

With the money you save on the above items you can come close to (if not ahead of) breaking even by renting, and you get a ton of free time (and peace of mind) in return. For people who don't have large families or don't plan on staying in one area a long time, apartments or duplex rentals can make a lot of sense.