Homeownership Is Better Than Renting

Final Paper Draft

Tonya Laliberte
October 24, 2011

Homeownership in America is not only affordable, but it offers family stability and even financial incentives. The stability of owning a home versus renting offers my family and I pride, freedom, and happy memories. The housing market today has made homeownership actually affordable; mortgage rates are not only comparable to the price of rent, but sometimes even better. Several financial incentives become available as a result of owning a home such as tax deductions and the possibility of income properties. Americans no longer have to throw their money away on rent, homeownership is attainable for all.
Homeownership offers stability with pride, freedom, and a place to make memories. The stability of owning a home versus renting is apparent in my children’s behavior. According to childstats.gov, ten percent of children in 2008 lived in two parent households, yet were still impoverished (Federal Interagency Forum on Child and Family Statistics, 2010). My children know that we own our home; they will not become part of this statistic. We used to rent an apartment and my children were never able to become comfortable and seemed to be concerned about the long-term stability. Especially my oldest son showed behavioral problems when we rented; these problem subsided gradually after we bought our first home. As a family we are free to enjoy our home and get comfortable, because we know we will be here for a long time. Since we own the home we are free to decorate or remodel the inside and arrange our landscape to suit us as a family. We can focus on building family memories instead of worrying when a landlord might evict us. Family stability was the most important factor for me deciding to buy a home.
Although buying a home can seem out of reach, it is comparable to the price of rent. In general a rental home with three bedrooms and two bathrooms would run $800 to $1000 every month. Although renters...