Home: To Own or to Rent? (Part 1)
Many families find it difficult to decide as to whether to own or to rent a house. Furthermore, in terms of long-run objectives, this alternative has no meaning for most families. Homeownership is the accepted way of life and the almost universal goal. True there are families in large cities across the worlds that prefer the convenience of location and the freedom of responsibility which rental quarters can provide.
There are people who were raised in the neighborhoods of flats, tenements or apartments and for whom homeownership is so foreign from their own experience that it has no appeal. There are those among lower-income groups who assume that homeownership is beyond reach.
In every corner of every country and in every walk of life, there are those who simply do not want to be bothered with the homey jobs of maintenance and upkeep which so many homeowners truly enjoy. Finally, the aged and the physically handicapped may find rental dwellings less demanding on their limited strength and energy.
But at the same time almost every family considers the pros and cons of homeownership. Though there are many variations, the general choice in living accommodations is between a free-standing single-family house with a yard, and a flat or apartment in a multifamily structure with little or no attached open space.
The rental unit is typically located in the older, more central and more congested part of town, while the house in the suburbs in a newly built neighborhood crowded with families of similar age, composition and income level.
Family circumstances, particularly family composition will strongly influence the relative evaluation of these two ways of life. The family with growing children values suburban living above convenience; the old couple prefers to live close to downtown facilities and to be free from yard work and snow shoveling. In short, the choice of a way of life as conditioned by living quarters and their location is largely based on subjective considerations not to be judged by others.
There are people who were raised in the neighborhoods of flats, tenements or apartments and for whom homeownership is so foreign from their own experience that it has no appeal. There are those among lower-income groups who assume that homeownership is beyond reach.
In every corner of every country and in every walk of life, there are those who simply do not want to be bothered with the homey jobs of maintenance and upkeep which so many homeowners truly enjoy. Finally, the aged and the physically handicapped may find rental dwellings less demanding on their limited strength and energy.
But at the same time almost every family considers the pros and cons of homeownership. Though there are many variations, the general choice in living accommodations is between a free-standing single-family house with a yard, and a flat or apartment in a multifamily structure with little or no attached open space.
The rental unit is typically located in the older, more central and more congested part of town, while the house in the suburbs in a newly built neighborhood crowded with families of similar age, composition and income level.
Family circumstances, particularly family composition will strongly influence the relative evaluation of these two ways of life. The family with growing children values suburban living above convenience; the old couple prefers to live close to downtown facilities and to be free from yard work and snow shoveling. In short, the choice of a way of life as conditioned by living quarters and their location is largely based on subjective considerations not to be judged by others.
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