Owning Santa Cruz Homes – Has the American Dream Died?

Posted by Lauren Spencer on Tuesday, November 17th, 2009 at 12:07pm.

Some people who are supposedly “in the know” believe the American dream of owning a home has died.  They spout “facts” that say home ownership – not just for Santa Cruz homes, but also across the nation – is no longer on the minds of the majority of Americans.

Additionally, according to some of these individuals, suburban sprawl is the reason for:
• the housing bubble burst,
• the break down of social mores,
• global warming (due to commutes, of course)
• and more.

It’s amazing that the nation’s suburbs can cause so many problems, isn’t it?

Is the American dream of home ownership really dead? The number of people buying Santa Cruz homes versus renting them points to a definitive… maybe. However, in newspapers and on the Internet, we’re seeing tons of “if you can’t sell your home, rent it out” information. We’re seeing potential homebuyers being told that renting may be the best option. Why?

The economy, of course. While there are plenty of want-to-be homeowners, those same people choose to rent rather than own for a wide variety of reasons. The main reason, however, is that they think it will be cheaper.

When you first think of buying a home, it sounds like an overwhelming prospect with lots of money involved. However, while the down payment is much more than it would be for a rental property, it’s time to really look at the cost. Instead of example numbers, let me point you to Money-Zine.com's Rent vs. Buy a Home calculator.

Now, before you start plugging in numbers, remember that the national average for a 30-year fixed rate mortgage is around 4.5% – 5%. The national averages for mortgage rates in general range from 3% to 5.5%. Of course, every situation is different, but think about it and really do your research before you decide whether to rent or buy one of our Santa Cruz homes. Don’t just assume it’s better to rent; renting may not be the cheap option you think it is.

If you’d like to find your piece of the American dream, I can help. Call me at 831.662.6522 or email me at lauren@laurenspencer.com for more information. 

 

Links:

Suburban sprawl
 

Rent vs. Buy a Home Calculator

Renting may not be the cheap option

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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