Why are families brainwashed into believing they have to buy a home?

Question

Don't get me wrong, I've thought about buying a home. I've heard "talking" amongst family members. "Oh, they're just renting." "Why haven't they bought a home yet?" "Maybe they are having financial difficulties".

As I sit back and watch the mortgage crisis unfold, I sit back in my four bedroom rented house on five acres next to a pond that I pay $1000/month for. (Which is equivalent of a purchase of a $115,000 house) I can't help but believe they are some completely gullible people out there that will pay anything to say they own something.

I don't pay property taxes, and i've never spent a dime on repair. My weekend are free to frollock and have fun.

Why do we as American think that we MUST own a home? Where does this thought come from?

Answer 1

There are some advantages, of course.  For starters, no landlord.  You can do - within reason and zoning laws - what you want with your property.  You can plant what you want, cut down what you want, build what you want and tear down what you want.  Then, of course, there is the tax write-off of mortgage interest.  And regardless of the current crisis, land eventually will increase in value - sometimes, depending on what happens in the community - a lot.

And maybe you don't enjoy puttering around the house, but some of us get a kick out of watching our gardens grow and keeping a nicely cut and trimmed yard and being proud of a well-done maintenance job.

And I don't know where you manage to rent a 4-bedroom house on 5 acres for $1000 per month, but that would be non-existent in my area and in most urban areas around the country.

Answer 2

Owning a house comes with it's advantages, but I still get what you are saying.  I agree.

Answer 3

They probably believe in the "American Dream" where money, fame, a house, a car, and a family are all necessary to live a happy life. (This is the basis for the play Death of a Salesman by Arthur Miller). It's quite sad that people think they need all this to be happy, and most end up in debt.

Answer 4

part of the dream and to help banks stay in business