Mark Whitehouse writes about the advantages of renting in the WSJ: American Dream: Default, Then Rent

Mark Whitehouse describes one former homeowner with a monthly income of $8,300. He was paying $4,800 a month on his home and he was basically working to pay his mortgage. He was really a “debt owner” since the home was worth far less than the amount owed. He walked away from his mortgage, now rents a similar home for $2,200 a month and is enjoying life:

He now has the wherewithal to do things he couldn’t when he was stretching to pay the mortgage. He recently went to concerts by Rob Thomas and Mat Kearney. He also kept his black BMW 6 Series coupe, which has payments of about $700 a month……… lives on the 3100 block of Club Rancho Drive in Palmdale, where a terrible housing market lets them rent luxurious homes — one with a pool for the kids, the other with a golf-course view — for a fraction of their former monthly payments.

“I don’t know if I’ll buy another house again, because it’s such a huge headache,” he says.

As one blog writer wrote: “This is one of the tragedies of the housing bubble – it encouraged people to become homeowners before they were really ready and also encouraged them to buy too much home. Many of these people will not buy again for years, if ever”.

Interesting WSJ article. What are your thoughts?

File Under: The New American Dream…Of Luxury Living.

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Condos around Boston to buy or rent

Condos around Boston to buy:

Back Bay area new condos for sale
Beacon Hill area new condos for sale
Charlestown area new condos for sale
Navy Yard Chalrestown area new condos for sale
Dorchester area new condos for sale
Fenway area new condos for sale
Jamaica Plain new condos for sale
Leather District new condso for sale
Midtown area new condos fro sale
Seaport District area new condos for sale
South Boston new condos for sale
South End new condos for sale
Waterfront new condos for sale
North End area new condos for sale
West End area new condso for sale
East Boston area new condos for sale

Condos around Boston to rent:

Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent

Updated 2018

 

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