In todays world is home ownership really worth it? I know the market is supposedly creeping back up in some areas but for the average person who works and has little time, tools, or skills to keep a home maintained is what you get out of it worth it? What about the freedom of mobility in a right now society? Opinions ? Realities? Funny stories? Not so funny stories?

In today's world, home ownership is the only money saving tool, left to us poor working stiffs. After all the taxes and service charges, we hardly see the money grow in the banks, what with all the low interest rates going around. Even if you dont enjoy all that equity build up, and there will be plenty as the years roll by, your family will eventually gain....

"Home Ownership Worth It?"

It depends on what stage of life that you are in and what distance you want between you and your neighbors.

IMO anyone than can AFFORD to buy should.!
But not as an investment.


Sadly the future is ' stack & packs'(apartments) cramming in as many people as possible & encouraging it & 'carless communites', ( bike paths, buses & BIG corporatation taxi service)
And Muslim only, huge apartment communities.
It started already in California.
Many many YouTube videos on it.
* Under the theory of Global warming & save the environment.. Blah blah blah *

New homeowner loans have been established also. Where people don't really need credit & can include their children's, parent's & even boyfriend's income (no matter what kind , state & federal)

Sound familiar? With the last collapse that was the cause. TOO many people were eligible for what they couldn't possibly afford.

We are so screwed.

Definitely it is worth putting your money towards something you will own... Why make someone else's mortgage payment?

Here in Oz the dream of home ownership is slowly slipping away for the young or lower incomes....
Renting is often cheaper and lets you save more....
We have had compulsory superannuation for many years now...
Now that is a fantastic money saving tool...

So only "select" people should be allowed to own?

Or only "select" people are allowed to establish similar neighborhoods?

We should have only one "select" style of home?

Or all homes should be owned by only one "select" person?

Hmmmm Where have I heard that kind of "Redlining" talk before?

Oh yea it was when some of the original immigrants decided they were going to come in and effect genocide on the indigenous peoples.

Too bad there are no places left in the world that the indigenous peoples only habitat. Pick any continent you want.

I kind of doubt any "select" group has the money or the numbers to own that much. And since ins some parts of the world very little real estate is left to sell maybe the solution to happy homeownership is co-operation and consideration. Of course that requires protecting yourself from the hate mongers of the world that want to say that just because they are not "selected" that they are somehow not going to allow homeownership/ That sort of sounds like ISIS doesn't it?

I am currently looking for a home. I was pre approved a couple months ago and have been patiently looking for the home that "speaks" to me. I do enjoy apartment living simply because I don't have to maintain it. But then again I also miss maintaining a home, lol. I think the problem with buying a home is the fact that most want to buy a home that they don't necessarily need. People want to "keep up with the Joneses" and as such they get themselves in trouble. If people buy smart and get a home that not only fits their budget but also isn't a burden to take care of then owning a home is awesome!

I love my family but I don't think I sweat blood to pay for my home is to leave and estates. LOL Don't think my kids would want it and I have long since quit being and ATM with hair.

I agree with this. I purposely bought a home that was going to be a good fit as I age. And just about everything I have done to it has been to accommodate that goal. My garden and studio are laid out to make my life enjoyable as is my house. I am enjoying decorating it to appeal to my tastes and not have to be "kid proof". LOL after years of a "testosterone charged home" it is kind of nice to have some fru fru. lol

WTF?

You asked my opinion. I am trying to tell you what the future holds & what I KNOW about real estate.
I am not not talking about 'select groups of people'.


The future is ' stack & packs ' apartments & 'carless communities '
And we are being encouraged to RENT & live that way.

Homeownership : Only those can afford to should own. PERIOD.
Or we are headed for another Fannie May & Friends disaster & collapse.

Geez

Apartment rents have been rising since 2008 & will continue to rise for the next several years. The Millennials are not buying, which is a big sea-change, many people were forced out of their homes when Wall Street got bailed out (but not Main Street)... so that is a continuing upward pressure on rents.
There is a large demand for rentals & a limited supply & even with ongoing construction of more rental units, the supply will not catch up with demand for a few years.
Add to that is the fact that any "recovery" Main Street has seen has not improved the income for most people. So what if 130,000 jobs were added last month, how many Pizza Hut delivery drivers do we really need? Incomes for most people have been flat since the 70's & in fact there has been downward movement for the last 10 years.
It really depends on your personal situation. I am over 50, single, and I am fortunate to have gone through a divorce a few years ago & still was able to buy a home without a mortgage.. so I do not have to write a check for housing every month. I have the ability & the tools to maintain my home without the additional expense of contractors. Believe me, I am very aware of how fortunate I am!
At my age, if I had to obtain a mortgage to purchase a home, I would have to think long and hard before making that commitment. If you run the numbers,the mortgage interest deduction is not really the incentive to buy as it once was. Depending on your income/tax situation, you only realize about twenty-five cents for every dollar you pay in interest to Wall Street... they get the sweet-heart deal.
Say you buy a home for $200k. By the time the mortgage is paid off, you have spent at LEAST $400k.
The way I see it, if you own your home outright, with no mortgage, owing is the best utilization of your capital.
If your choice is between renting or purchasing using a mortgage, at least go into it with a very strong down payment.. at least 30% & with the shortest term you can find/afford.
I do not see a home as an investment, although many markets have seen a 17% or better appreciation over the last year in the $150k- $250k market. It also give me a fall-back position if I ever need long-term care... and if not, it goes into my estate for someone to benefit from when I am gone.
One last note about rental costs - the increase in the interest rates will lock-out many people from purchasing a home, thereby keeping upward pressure on rents for - in my opinion - years to come.

Maybe I am connecting the dots wrong, but it seems that over the last decade or so the powers-that-be have been moving the majority of us to a "cashless" society.
It appears that we are supposed to be cashless,and more disturbingly,it is becoming more difficult for the majority of people to own real property. If the trend is not reversed, almost everyone will rent in future.
Everything is "easier" using a plastic card... and every time you use a "loyalty card" at a store a detailed list of everything you purchase is sold to data-mining companies. Oh, I know what they say.. to give us better "service". Personally, I do not want the power-holders knowing what brand of toilet paper I use, or how much. Nor is it anyone's business but mine if I purchase a home health test, wart remover, hair color, or anything else. Nor do I see where I am getting a discount for allowing this information to be sold by the store I do business with.. after all, they SELL this information to the data-miners.
The same thing goes for everything you purchase using a bank debit card or credit card.
Maybe it is not all that big a deal, but I DO believe that I have a RIGHT to privacy & not to be profiled.
The only thing I use a credit card for is to purchase gasoline & the card is paid off every month.
Plastic is easy to track.... where you are, where you have been.. & probably where you will be an hour from now.
In CASH I trust.
My grandmother came over on the boat when she was 18, in 1918.
Her experience taught her not to trust banks. I used to think it was funny that she kept cash between her mattresses... Until she told me about the Great Depression.
I saved for my first new car & piad cash - 1974 Chevy Nova;$3.174 out - the -door.
A month later my dad tells me my car payment is due... what the hell?! Then he shows me how much more $$$ i will have if i PAY MYSELF every month, so I do not need to borrow money to buy my next car! Oh, and the beauty of compound interest on invested money!
Did you know that when you put your money in the bank, it is no longer YOUR money? And if the bank fails, you will be last6 in line to recover - and only after all the other creditors have been paid? Yes, there is the FDIC insurance that covers your deposit up to $250k. But that does not prevent the government giving your deposit a "haircut" - a tax on your deposited funds- if they so decide.. as was done in Greece.
I am not a survivalist, or an end-timer. I just think that cash is better than the "Easy Credit, Buy now, Pay Later" game that we have been programmed to play along with. I call paying interest "Paying the Beast".
As Thomas Jefferson said: No man can be truly free, he who owes another.

It's an individual situation for which people should sit down and do an ROI.
When you start figuring out realistic costs, short, medium, long term, upkeep, maintenance, tax, insurance, and opportunity, you can start to get an idea of the actual costs, value, and return of sinking money into a house.

Houses are depreciating illiquid assets requiring more and more money to keep them up and comparable to what's in the neighborhood.
Appreciation is usually in the land based on location, although people like to attribute that value to the house and then start depreciating it for the tax write off.

Other than that, IMO, it's only really worth it if it's actually a home, meant to provide long term and possibly generational security and safety for a family.


At some point markets are going to open up for more tiny, one person, individual homes on even more tiny lots, so people can feel the security of home ownership, rather than status mcmansions.

Otherwise, IMO, house ownership for individuals is a lot like buying insurance.
You do it mostly for the sense of security than the actual benefits.

I agree with this, I recently bought my dream house and it was worth every red cent. I had patience, waited for the perfect fit for me, and when the right deal came a long I jumped on it. Its great owning your own home, all the things you do or fix benefits you. It is also great to have the feeling of accomplishing something and it makes you money in the long term,also on the plus side down the road if you want to sell and move again you get all your money back. All the years I rented I just threw my money away..

It's a simple thing for me. I wanted to own a home, for the sake of personal freedom.

Every time I rented, I wasn't allowed to make any changes, couldn't even add shelving without permission, had to get paint colors okayed, or at least suffer the total loss of my advance deposit if they didn't like them when I left. Some places limit parking to an insane degree around here.

With my own house, I do have to pay for EVERYTHING, and that's often a drag, but the ability to otherwise do what I want, when I want, is worth the exchange.

I have owned about 15 homes, designing and building 3 of those.

Your teeth come in when you are 8.
Then your first car at 18.
Then your first house.
These all top each other.

And the good financial news when you sell.
The first $250,000 (profit/gain) or $500,000
for a couple is not taxable :-)

I do think more and more people are going to start moving towards car less living. Internet shopping and grocery delivery numbers suggest to me people are tired of the risk and expense of driving and spending a lot of their assets for vehicles but I don't know if people are going to tolerate the idea of renting long term.

I think personal freedom is still very important even to the younger people and seniors that affordable housing often doesn't.

I would not be surprised if soon we do see high rises that are in effect co-owned by homeowner and maybe even cities (that need those in town populations) own the structure and utility access like they currently own streets and utility right away but where the homes are inserted much like mobile homes or cargo crates. If you have ever moved it is horrendously disruptive. If you do not buy pretty much the same house you are starting all over when it comes to furniture and furnishings. Stuff getting ripped off by movers.

And I do see more and more homeowners figuring out they can team up and flip a house or build a better one cheaper than they can buy a low quality over priced tract home or God for bid so called assisted living that is not a lot better than a POW camp. Even the homeless are starting to figure out that nobody is going to really help them and they are banding together. And people trying to recover from a natural disaster loss is a real orientation in how the whole insurance concept does not work.

And sorry I think homeowners especial younger financially savy Millennial's and older buyers are getting more careful about getting ripped off by banks and are looking to creative financing including inner generational living so they are "cash" buyers. Weather they are forced to by their parents or their adult children. And these are not "handshake" or "family" loans but binding contracts where those coming up with the money are protected if someone bails.

Here in the UK. Some are having to take the shared ownership option offered by housing associations, where you put down a deposit and take a percentage on mortgage say 35%, and pay a fixed rent on the 65%, this allows people to get on to the property ladder. You can buy more of the property as time goes on, increasing to 50%, 75% and hopefully 100% mortgage, until eventual ownership.

Owning your own home is the best way in my opinion, because ultimately you will have no mortgage or rent to pay, and have a financial asset should you need to borrow money in the future.

For some it is worth it for some it is not.. Those that do not want to maintain a house or likes to move are better off renting..

Myself I bought my house 24 years ago when I got divorced.. Paid it off 4 years ago, that was after refinancing it once it was paid off the first time to pay off credited cards ect. ... I assure you what I have to put into my house maintenance taxes ect does not come up to what it would cost me to rent...

Plus I can do what ever I want to with my house at any time I wish.. Painting and adding things is not allowed with most rentals...

Myself I prefer to own. I did not buy on the pretense of a investment I bought cause I wanted a place to call mine. When I bought my house it actually saved me $200 a month from rent I was paying each month..Sure part of that went for Insurance once I bought and taxes at the end of the year.. But now I'm only out taxes and insurance... These are things that many need to think about as they grow older... once on SS you are very limited to what you can pay...