A thumbs-up to renting
What's better, renting or owning?
Three-quarters of Americans surveyed for a National Apartment Association poll say renting -- "in the current real estate market," at least. Reasons noted by respondents: no responsibility for maintenance, no exposure to the "unpredictable" housing market and "not being susceptible to foreclosure." (Renters can be affected by foreclosure, of course -- if their landlord loses the property they're renting -- but their credit report won't be.)
The survey, conducted by pollster Harris Interactive, is a shift from how people responded when asked in 2008, at a time of falling home sales and prices. Slightly fewer people thought renting was preferable that year.
Of course, Fannie Mae also has a poll. It says that 64 percent of Americans believe it's a good time to buy a house.
Hrmm.
OK, it's probably no surprise that a poll commissioned by a trade group for apartment owners shows a proclivity toward renting, while a poll handled for a mortgage financier suggests lots o' housing-market love.
So here, weigh in on a poll just for you:
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Comments
If A) you KNOW you will stay in the home you buy for a minimum of 6 years, and B) you are very careful to buy a place priced at least 30% below peak prices, then buying is a good move.
But if you are likely to move soon or you don't have the patience to find a properly-priced place (in this market where lots of properties are still very overpriced) then you should rent.
Posted by: fronesis | May 29, 2010 9:20 AM
Thanks for the suggestions, fronesis. I would add, "And you're sure you can comfortably afford the mortgage, taxes, insurance and maintenance costs," but I hope that goes without saying these days.
Posted by: Jamie Smith Hopkins | May 29, 2010 1:16 PM
I wonder if they've surveyed the many who are in foreclosure and are in no hurry to rent because the average foreclosure takes up to 438 days from the first missed payment. The huge number of apartment vacancies is another unintended effect of the foreclosure moratoriums.
Posted by: Les | June 1, 2010 11:55 AM