Homeownership Isn't for Everyone

As a single parent struggling to make ends meet, I've often wondered if buying a home was the right financial choice for my family. While owning a home has provided me with some federal income tax advantages, there have been far more issues and complications that made the real estate purchase questionable for me.

I've learned that home ownership isn't the right financial choice for everyone. While many financial experts will agree that real estate prices, as a whole, are on the rise, I've come to learn that in many American neighborhoods real estate prices have taken a plateau and, in some cases, have even declined. With foreclosure rates peaking in recent years, many lenders are reducing the price on homes, in an effort to sell them quickly, which then leads to an opportunity to reduce sale prices on homes in many neighborhoods.

Again, while many financial experts agree real estate is a great investment, I've also come to learn that with this financial arrangement there are many other financial obligations tied to it. While the interest, taxes and insurance may offer some tax advantages, my home, in turn, is requiring a large amount of my income to keep up with repairs and maintenance. In the end, I have to wonder, if I will really make any financial gain from owning my own home. While I may build equity, the maintenance and repairs on the home may, in the end, consume the equity when I'm ready to sell.

Since owning a home has depleted my sanity, I have come to re-assess the possibility of renting. While a financial expert may tell me that renting is a waste of my hard earned money, I would have to disagree. For me, the benefit of renting, with the freedom from maintenance, repairs and the flexibility to move at will, provides a greater advantage over owning a home.