Renting Good for your Health? Homeowners Less Happy than Renters

smileyfaceIn this article in Portfolio, Felix Salmon writes about the downsides to home ownership. According to Felix, homeowners are less happy than renters because they are subject to stresses that renters simply do not have–including large mortgage payments, home repairs and (we’ve been hearing a lot about this one in the news) foreclosure. The advantages of being a renter are numerous, including the freedom to move at any moment, having a super that takes care of everything and Felix claims that home-ownership can be a drain on your emotional and financial resources and the insistence on home-ownership is a culturally-determined American ideal. Felix says:

“if Americans could be persuaded that rent payments aren’t “wasted money” and that owning often makes less financial sense than renting, I think the rate of homeownership might, happily, drop substantially. But it’s not going to happen. The ideal of homeownership is deeply embedded in the American psyche, and any datapoints which don’t fit into that ideal are automatically discarded.”

via Brownstoner


1 Response to “Renting Good for your Health? Homeowners Less Happy than Renters”

  1. 1 Struggling Sales Brokers Suddenly “Not Too Proud for Rentals” « NYC Rentopia Trackback on January 30, 2009 at 11:26 am

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Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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