Pundits ignore it. Prognosticators omit it. Politicians are oblivious to it. But there is one argument in favor of home ownership that no one can legitimately dispute:
40% of American homeowners own their primary residences “free and clear.”
This large segment of our society is immune to the cyclical winds of real estate change. They can never be “upside-down” or “underwater.” And while they may have lost some equity in the market value of the property, their only consequence is a lower tax assessment if they opt to appeal.
As long as they choose not to sell, the true value of their property as a residence remains intact. It will continue to serve their housing needs for years to come.
And as long as the ultimate goal of any purchaser is to own their home outright, ownership will NEVER be passé!
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yes
Richard,
The DEED is the reason to own. And unencumbered DEED is even a better reason.
Someday, hack writing like the recent Time Magazine article will be passe. Well, I can dream, can't I?
I own my home free and clear. Wouldn't want it any other way. A home is and always will be a long term investment!
Richard,
The media is pushing this homeownership is passe agenda, maybe with a little help from the administration, I don't know.
That isn't the reality of the American public. Homeownership is still critically important for the vast majority.
Rich
Amy...
THX
Mike...
What a terrible thing to publish as "news!" Thanks.
Jackie...
You are not alone! thanks so much.
Rich...
I was trying to keep this post from being political, but it needs to be said. Thanks so much.
Richard, My one prayer is that the mess we have seen through the past couple years will revive the belief that you buy a home to "own" it, not use it as a piggy bank. Your post is a very nice reminder that many, many people do just that.
Good morning Richard,
Isn't it amazing with all the press about doom and gloom and homeowners ship is on the slide that no one likes to talk about 40% of us who own our homes free and clear!!!!!
Great point Richard. And let's not forget the majority of folks who didn't over borrow, who are in areas that haven't declined significantly and who do not need to move anytime soon as well. Their property values aren't affecting them either. They are enjoying their homes and family as well!
One day I will own my home free and clear. In the meantime, I will make the payment despite being "upside down" because I love my home and couldn't rent for much less than my mortgage. It's just my downpayment that has evaporated for the time being.
Richard, there is no better feeling of accomplishment and security than living in a home that is paid for.
Richard - I didn't realize that the percentage is that high. The Times article is just another paen to collectivism disregarding and distorting reality to achieve an agenda.
So true.
If your in it for the long hall,then market price will not touch what you have in pictures and memories as that is where most are built.
In your own HOME
Enjoy the day
Wow, Richard I had no idea so many owned thier homes w/out a mortgage. Looking forward to joining the ranks!
Proud to be in the 40%. Just wish we could shut up the gloom and doomers about 80%! My stocks aren't doing so great, so I don't sell...in it for the long haul...but I have yet to see a stock certificate (when you had them) that would keep off the rain, keep out the wind. Yep, it is an investment, and over the long haul, still a great one.
all the best...