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Market Updates

Do People Prefer To Buy or To Rent Homes in 2018?

buy rentFrom single-floor, ranch-style homes in the 1960s to ‘the bigger the better’ 1990s’ two- or three-story houses with full basements – properties sure have changed over the years.

Back in the 90’s it seemed like everyone was buying a home rather than renting. In 1997 they changed the tax law to make owner-occupied homes basically tax free when sold. With all the tax deductions that came with home ownership and increasing property values, it seemed to make sense to own rather than rent.

Fast forward a decade. The housing bust hit people hard. Circa 2008 people were losing their homes to:

  • Adjustable rate mortgages adjusting higher
  • Job losses
  • Declining property values
  • Tightening of bank lending standards

And all the problems that come with a massive recession.

Many people wanted nothing to do with home ownership.

They rented instead.

Or they moved in with Mom.

Or they looked for roommates to share expenses.

Now we’re well into 2018. Today’s trend…

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