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by L.A. 'Tony' Kovach
At whatever stage of life you happen to be in, there are a variety of smart housing options available for you. You may be starting out, starting over, upsizing or downsizing. There are great opportunities available for you in modern home options today.
Most American still prefer to own a home. In fact, some 67% of Americans are home owners. While rental in the U.S. increased about 3% to some 33% of all households in the last two years, home ownership is showing signs of rebounding. There are good reasons; let's explore just a few:
· Tax breaks for home owners in the form of mortgage interest deductions
· Equity in home ownership you can't ever get from renting
· More security and privacy is available with home ownership than with rental housing
Consider the following chart to make the point;
One way or another, most Americans are paying for a home. The question is: are you paying for your landlord's home, or are you paying for a home that you can someday own?
What the chart above shows you is what housing will cost you in one year (12 months), 5 years (60 months) and so on to 30 years (360 months). This chart is based on no increase in your housing cost. Of course, one of the typical occurrences for rental housing, be it apartments or rent houses, is the fact that rental rates tend to rise over the years. Homeowners can avoid much of that pain, by buying a home with a fixed rate mortgage or by owning a home outright.
In the wake of the economic and real estate down turn, many have had income drops. But Americans are still very much in favor of home ownership. Are there answers to the challenges of wanting affordable quality homes you can afford, without buying older conventional housing that may be energy hogs?
According to studies by researches, such as Cornell University’s Dr David Funk, or NAHB consultant Chuck Shinn, the new world of high tech 'factory built' homes are poised to ride a new wave into the future of American home building. A housing boom looms, these two experts predict. They also predict that growing numbers will turn to factory built homes, just as more are doing in nations such as Canada, Europe and Japan. Greener, more energy efficient and appealing, these homes have been popularized in TV and in books such as Pre-Fabulous by author Sheri Koones.
Whether you buy, rent or are investing, you will find a wide range of housing options available to you. Consider your short, middle and long term plans, and act accordingly! For more than two out of three Americans, home ownership is the path of choice vs. apartments or rental housing. # #
L. A. 'Tony' Kovach is a publisher, author and consultant to the home-building industry.
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