Thursday, January 10, 2013

Latest numbers: Renting costs more. Why aren't we buying?

2012 was one of the least expensive years ever to buy a house, according to the National Association of Realtors and this analysis.

And yet, from Business Insider:
"...Americans continue to be unable or unwilling to buy a house. Many still remember what happened in the housing bubble not just a few years ago." [Remodelers: Bet you only wish you could forget.]
"Meanwhile, the demand for rentals has exploded, so much so that average rents are much higher than average mortgage payments..."
Read more at Business Insider
Is the bloom off the homeownership rose forever, or do we just need some time to recover from the disappointment of those who bought with the expectation that their home's value would continue to climb every year?

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Anonymous said...

I"m not sure why remodeling contractors care whether people want to rent or own. Our focus is certainly homeowners, not renters. There aren't many houses sitting around empty in our area so maybe this article doesn't apply to everyone. People don't change unless there's good reason, many people don't want the hazzles of owning a home.

Anonymous said...

My reason to be concerned about owners vs. renters is that it is the desire to own and improve homes that creates value in the remodeling industry. The more collective indifference to ownership, the less perceived value and opportunity for our industry.