Home Ownership and Wealth Building

[official2008]

Msjay, you’re right, my family did rent… until they could afford to, and it was the right to, buy a home; we got three now. 


Anyway, I can only assume that I presented the argument poorly, as it is not really as controversial as you make it out to be. Economists have been saying this for years.

It’s my fault though, i should have realized that I can’t discuss this with non-economists and closed-minded people without backing it up.


So, listen to the economics editor of the Economist Magazine, this Harvard economist, and another smart economist touch on what I failed to get across.

http://www.npr.org/templates/story/story.php?storyId=4624307&sourceCode=RSS


http://www.npr.org/templates/story/story.php?storyId=4531732




I’m going to get some numbers for y’all too.

Be easy.

[One Step Ahead]

Msjay, you’re right, my family did rent… until they could afford to, and it was the right to, buy a home; we got three now.


Anyway, I can only assume that I presented the argument poorly, as it is not really as controversial as you make it out to be. Economists have been saying this for years.

It’s my fault though, i should have realized that I can’t discuss this with non-economists and closed-minded people without backing it up.


So, listen to the economics editor of the Economist Magazine, this Harvard economist, and another smart economist touch on what I failed to get across.

http://www.npr.org/templates/story/story.php?storyId=4624307&sourceCode=RSS


http://www.npr.org/templates/story/story.php?storyId=4531732




I’m going to get some numbers for y’all too.

Be easy.

damn, why do half the people on this board have parents banking it like that?  idea for a poll, how many homes/properties do your parents own?   

[_BP_]

Msjay, you’re right, my family did rent… until they could afford to, and it was the right to, buy a home; we got three now. 


Anyway, I can only assume that I presented the argument poorly, as it is not really as controversial as you make it out to be. Economists have been saying this for years.

It’s my fault though, i should have realized that I can’t discuss this with non-economists and closed-minded people without backing it up.


So, listen to the economics editor of the Economist Magazine, this Harvard economist, and another smart economist touch on what I failed to get across.

http://www.npr.org/templates/story/story.php?storyId=4624307&sourceCode=RSS


http://www.npr.org/templates/story/story.php?storyId=4531732




I’m going to get some numbers for y’all too.

Be easy.

.

You posted a link from an economist backing up your claim, while ignoring the overwhelming economic data and analysis that hammers home the opposing view.  If a single viewpoint can be held out as proof against a mountain of conflicting evidence, then here’s a link to a scientific study outlining why global warming does not exist.  I guess that settles it...

http://www.marshall.org/article.php?id=149

[official2008]

that's one way to do it; just discredit anything counter to your beliefs. you're never wrong that way...

[blk_reign]

Hold on Official.. you think we're closed minded because we don't agree with you?

I'm speaking from my experiences.. renting for 4 yrs.. owning for 1..

so since your family owns three homes now.. do they regret ownership? are they planning on going back to renting??

[faith2005]

i hate to say it, but after reading this thread, i find it really hard to believe that a black man whose parents own three homes would be discouraging other young black people from buying a home. i am not planning to buy a home right now, but i have seen other people do it who are 35 and under, and none of them regret the decision. i mean its almost guaranteed that if you own a home and rent it out, the renters are paying the mortgage plus extra. and even if its in a neighborhood where the property values are falling, the rent might be low, but its still probably going to cover the mortgage plus some. i see it here in b-more, as the neighborhood changes, white people are buying the houses, sometimes its their second/third, but one landlord i met actually lives in florida and owns a home in baltimore broken up into apts. and with a 2 family, even if you don't rent out the other half, you can split it with family and pool your resources in terms of child-care/property maintenance and everything else. i think that book rich dad/poor dad talks alot about this issue. the man made millions off of home ownership and he didn't start off wealthy at all.

[blk_reign]

yeah Faith..you know when he said that his parents owned 3 houses...I was dying .. then he said "we".. like his name was on the deed 

i can see it now..

official: mom/dad you know it's better to rent it gives you the security to live wherever you want and beat to your own drum

official's parents: *smack*

official: getting up off the floor but mom   check out this link on NPR it will substantiate my claim

official's parents: to his younger siblings don't listen to a damn thing your bro says

[_BP_]

yeah Faith..you know when he said that his parents owned 3 houses...I was dying .. then he said "we".. like his name was on the deed 

i can see it now..

official: mom/dad you know it's better to rent it gives you the security to live wherever you want and beat to your own drum

official's parents: *smack*

official: getting up off the floor but mom   check out this link on NPR it will substantiate my claim

official's parents: to his younger siblings don't listen to a damn thing your bro says

 , I can see you've been hanging around HBCU;)  haha, I hope official gets the irony of his position.

[Intuition]

yeah Faith..you know when he said that his parents owned 3 houses...I was dying .. then he said "we".. like his name was on the deed 

i can see it now..

official: mom/dad you know it's better to rent it gives you the security to live wherever you want and beat to your own drum

official's parents: *smack*

official: getting up off the floor but mom   check out this link on NPR it will substantiate my claim

You forgot...offical's parents: *smack* (for the backtalk)

official's parents: to his younger siblings don't listen to a damn thing your bro says

ROFL

[Statistic]

yo - Official - I have to ask: Is that a gold chain?