Word: rental
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...away. After five years, the difference was insignificant for families living in apartments and town homes, and after 10 years, it was also insignificant for those in traditional single-family houses. "For people who have stayed put for a long time, there's really no difference between ownership and rental," says Barker. One theory about why that would be the case: moving into an owned home is more likely to signify a good event has taken place (a new job in a new town, say), whereas moving into a rented home is more likely to signify a bad turn (parents...
...this magazine for doing something spectacular: choosing to be a renter. At a time when real estate riches were Topic A ("Home $weet Home," read the TIME cover line), the engineer, from Sacramento, Calif., decided to sell his house and move with his wife and baby boy into a rental. "Compared to owning, rent is cheap," he said back then...
...math increasingly favored renting. House prices went up and up while rents stayed relatively flat, meaning you could get a lot more bang for your buck by choosing a lease over a deed. Now, with the housing market in a pulp, the tables are turning. Choe's most recent rental cost him $1,500 a month. His new mortgage payment, for a same-size house, is $1,570 (after a 20% down payment). "Not a bad deal," he says - especially considering that once Choe takes into account the money he saves on taxes by deducting his mortgage interest...
...late 2001, this ratio began to climb, and by 2003, it was soaring along with home prices, hitting 24.7 in 2005. In those days, you could get 24.7 years in a rental for the cost of a house. That was right about when Choe decided that renting looked like a steal...
Back in Sacramento, Choe is happy in his new home. His living room is decked out in seven-speaker surround sound, a setup he deemed not worth the trouble when he lived in a rental. And he no longer tenses up when the kids take to the walls with crayons...