Letters to the Editor
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Home Ownership - the American Dream?
We have gotten a lot of propaganda about home ownership being the American Dream, as sold to us by business courtesy of the U. S. government.
Home ownership (or property ownership) is all very well and good, but, as has been noted by contrarian economists, home ownership is not necessarily right for everybody.
Home ownership can be an expensive proposition. With taxes, insurance and maintenance, you're talking about a significant outlay of cash which you may not recoup.
More importantly, it holds people down to a particular place. If you live 30 minutes from your job and the factory closes, you may not be inclined to drive 2 hours to a different job. Or you may be reluctant (or economically unable) to move to a city with jobs because you own a house you can't get rid of.
One of the wealthiest middle class man I know rented a lovely home for more than 20 years, then made a smart purchase of a retirement home in a highly desirable resort area.
Home ownership isn't always the right thing for everyone.