Home Ownership v. Self-inflicted Gunshot Wounds
I’ll take the gunshot wound, is what James Altucher argues in Why I’d Rather Shoot Myself in the Head Than Ever Own a Home Again, posted on the Freakonomics site. It’s actually a counter argument to “Why I’m Not Giving Up On Home Ownership, a post at RealtyTrac, which is a response to Why I Am Never Going to Own a Home Again by Altucher.
Highlights (or lowlights):
In other words, if you are a feudal lord today, you are laying out more cash than the renter/serf, and being caught in the spider web of escalating costs in every direction. Whereas the serf has only one payment, which is often contractually laid out for years. I have a contract that specifies my rent for the next ten years with my option to renew.
. . .
Some people, for their own personal reasons, like to own a home. I have nothing against that. Go for it. Just make sure it’s not because of the hypnosis provided by the American banking industry which props up the American Dream.
I’m kinda with him. And yes, I own a home so I’m being a hypocrite. The belief that owning a home is some great financial decision that will pay off one day is junk, unless you’re flipping in a rapidly rising market. And if so, you’re not who our government is really trying to get to buy a home.