Renting And The American Dream Essay

Some people might think that renting and owning are pretty similar, but they do have a lot of differences that people tend not to think about. In fact most people don’t do a lot of research on the differences and similarities. Renting a place to live is a wiser choice and is cheaper in the long run, but having a place that you own has a lot of advantages to. Some differences that people don’t think about are maintenance, utilities, and restrictions.

There is a reason for everything, and if there is no reason to do something, most people will not do it. For example, if there is no incentive to motivate landlords to upkeep their property and make it the best it can be, they will left their properties at the lowest manageable state they can get away. Rent ceiling laws are an example of how lack of motivation and incentives can discourage people from making sure their best work and resources go into their product or whatever they are doing. These laws impose limitations on the amount landlords can charge their tenants for staying in their properties. This causes the landlords to lose the amount of money they should have made on their property, and the landlords will not be motivated to

Rent control refers to laws that limit the amounts of rent and the amounts that rent can be increased in any year. There is no statewide rent control in the US, and all the rent control laws and regulation are passed by cities. Most of the cities with rent control are located in New York, California, and New Jersey. Washington, D.C. also has rent control.

America is seen as the land of opportunity in that there are endless possibilities for an individual. In this land of opportunity, Americans strive to obtain the ideal known as the American dream. The American Dream is seen as the accomplishment of an ambition achieved while challenged by adversity.1 Americans often associate this success with the ownership of a home. The home is not simply a place of basic protection; there is a much deeper connection to the individual. Ownership of a home grants freedom and security that establishes a sense permanency for the individual. In contrast, renting a living space possesses a semblance of instability and dependence.2 The desire to improve ones’ position in life inspires one to

are afraid to build any new buildings if in a few years those too will be taken

We have come a long way from the publication of the Declaration of Independence in 1776. In hopes of change, colonies came together to declare independence against the British King for his indictments. The Declaration of Independence was made entirely opposing the Kings unfair motives, injustice of systems, and the absence of public services. For which these opposing actions towards the king, was the general idea to become the American Dream. That dream consists of equality, justice, and freedom. The dream of freedom is for everyone to say and do as they please regardless of sexual preference, religious believes, race and body image. Freedom is opportunities to educate oneself, to better them and their children’s future. But after

As you see there are definitely pros and cons when deciding if renting or buying is right for you. When you rent, you don’t have the responsibility of maintaining the home, you aren’t worried about improving the interior or exterior of the dwelling, you don’t have to pay taxes on the home, and you aren’t faced with the possibility of losing the capital put into the housing market, or the possibility of foreclosure if a mortgage payment is missed (Should you rent or own). But on the flip side, when owning a home the equity in the home can be converted into money if refinanced or sold. Over the years, if kept well, real estate property increases in value and therefore this asset will up in value the longer the property is held (Should you rent or own).

Homeownership is a double-edged sword. It is the “American Dream” to one day own a house. Compared to their predecessors, Millennials are seeing the advantages and disadvantages of homeownership at an earlier age.  These early generations believed owning a house was the cherry-on-top to being an all-around American and achieving the “American Dream”. As a cynical generation who grew up with information at our fingertips and the world falling around us, millennials see homeownership differently. “The cautious and conservative approach to home buying displayed by millennials is driven by the fact their outlook on life was shaped by a number of bad things when they were young—the terrorist attack on the World Trade Center in 2001, the 2008 financial crisis, the housing bust with mass foreclosures and a weak recovery that has so far provided incomes below that of prior generations” (Stowe England, 36). We learned that the world was not fair and that it is time to redefine the “American Dream” to reflect our current economic society.

House, a shelter for people which is one of a basic requirement for human survival in today’s world. According to Andriotis (2014) and Shlay (2006), homeownership is regarded as an aspect of the American dream for a long time (p.1). The American dream, a pursuit that a large number of US citizens seek, require individuals work hard to achieve it. In other words, there are a vast of people hard work in order to afford their property. People has possession of the house if they have enough money to afford the payment on a home and be willing to purchase it. Otherwise, people need to rent a house to guarantee that they have a relatively fixed shelter. However, there is the limited right for tenants, and they have to depend on the decision of owners whereas the landlord have the power to make a decision on the property since they have the housing ownership. Thus, whether buy or rent have become a fundamental problem that plagues the individuals. Elsinga and Hoekstra (2005) point that the homeownership not only in favor of personal, but also benefit the community (p.403). Therefore, buying a house is over than renting since it brings tremendous benefits to individuals. Specially, purchase a house is a desirable option that generates tax benefit, build self-confidence for owners, and profits the construction of community harmony rather than renting a house.

When someone makes the decision to buy or rent a home they must consider the advantages and disadvantages of each. In buying a home the primary advantage is that you actually own it. You can do whatever you want with it. Also, you are building equity as the years go by. “People today have problems saving for their future” (CNN Money, 2014). However, when they buy a home, the

Thesis: Home ownership provides greater potential gains than renting, while renting provides superior financial flexibility.

Some individuals may believe that buying a home is part of the American dream and that renting an apartment does not compare, yet satisfied renters would disagree. Even though owning a home provides a sense of security while allowing modifications without permission, renting is preferred more often over buying because the expense of updating, monthly payments combined with utilities, and paying insurance on a home comes with a high price tag. A homeowner does have several luxuries such as forming lasting friendships with their neighbors, making landscaping changes to their yard, painting and designing their home. While that remains true, renting an apartment comes with several different options and

The information has already been provided that sense the the housing market crashed people in general have been apprehensive to purchase homes. But even more so to the new generation of millennials. And even current events are shaping the future of home ownership, like the new revision on taxes. So does most certainly understandable to why people would be so wary of the dangers, and struggles of buying a home. And how it might be all together easier not to buy one.

Buying a house provides stability forever unless the owner decides to sell or to move into another home in which the owner gains equity for selling. This is still a huge benefit. Owning a home is a very huge security measure. When a person is an actual homeowner and not a renter he or she can control who actually enters his or her home (Map, 2011). It is easier to purchase home alarm systems and everything that goes on in a person’s home is controlled by the owner. As a homeowner the option of what is allowed and what goes on is controlled by the actual homeowner. If an issue comes up and the owner has to move somewhere else then this is a huge benefit. As a seller a person can earn so much money and it can build equity (Media, 2010). Usually homes sell for way more than the purchase prices, especially if the owner has customized the home, in which was discussed earlier (RP Reality, 2011). The selling price could be a huge benefit to any owner who is selling their home and moving. These benefits cannot be earned by an apartment renter.

“Buying a house is a better option than renting an apartment.” In this essay I will discuss about the major benefits of buying a house rather than renting an apartments. While it can be costly it is a safer place to live that has long term-investment and tax advantage. Buying a house may be difficult and it can be a confusing process, even for veteran buyers. Here are some tasks that housing experts say before getting into the buying a house. Get financials in order. Buyers should check their credit score, taxes, 401(k) s and other aspects of their financial situation to determine the maximum amount they are comfortable affording for their monthly mortgage, utilities, maintenance, taxes and insurance. If one’s credit score is low, he or