CHAPTER 2 Owning vs. Renting To Buy or Not to Buy: That is the Question
Ah, the “American Dream.” For some, it’s owning a home with a white picket fence, a golden retriever playing in the yard, and the smell of apple pie wafting from the kitchen. For others, it’s a dream where you don’t have to unclog your own toilet at 3 a.m. and can call the landlord instead. Homeownership, they say, is the pinnacle of adulthood. It’s the ultimate badge of "Look, Ma, I made it!" and for many, the crowning jewel of a life well-lived. Statistically, 66% of Americans own their own homes—proof that the dream is alive and well. Or at least, alive. The other 34% are possibly still trying to save for a down payment while wrestling with avocado toast- related expenses. But why does homeownership strike such a chord with us? Maybe it’s the allure of financial security, the pride of owning a piece of land where you can plant roots—literally and figuratively—or the status of saying, “I’m a homeowner,” without adding, “...and also broke because I replaced my roof last month.” And then there’s the lifestyle factor. For the under-35 crowd, homeownership often competes with the flexibility of renting. But interestingly enough, millennials aren’t driven to buy homes because they’re starting families. Nope. Their number one reason? Owning a dog. That’s right, Fido gets more votes than future children.
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