How to decide whether to rent or buy a home -

To rent, or to buy?

It seems that every day more and more of us are waking up from the "American dream" of owning our own home.

According to numbers from the feds, the percentage of Americans who own a home dropped to 65.9 percent last year - the lowest it's been since early 1998.

And according to the people at Morgan Stanley, once you pull mortgage delinquencies out of the mix, the home ownership rate drops to just 59.2 percent.

They blame falling home prices, limited mortgage credit and better rental options for the change in where we live.

So how do you decide if it's better for you to rent or buy?

Nathan Bachrach says to "look at your credit report first. If it's a mess and your score is much below 700, you're going to have a hard time getting a good interest rate. You're probably better off renting while you build your credit back up."

He also recommends that you think long and hard about how long you think you'll actually be in that house.  Anything less than five years and there's a good chance you'll lose money after you factor in your closing costs and all the fees.

Copyright 2012 America Now. All rights reserved.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Physicians warn against giving melatonin to children

    Physicians warn against giving melatonin to children

    Parents desperate to get their troubled sleepers to bed are turning to synthetic melatonin, which is a supplement sold over the counter. But expert warn it could have adverse effects on child development.
    Many adults turn to sleep aids like melatonin, but now more parents are giving them to their kids, too. We talked to physicians to see what they had to say about how it could affect your child's development.
  • Six deadly foods for dogs

    Six deadly foods for dogs

    Every pet owner knows a dog can get into just about anything around the house. One woman found that out the hard way when her dog ate a bunch of grapes! Turns out, that's one of the most dangerous foods
    Every pet owner knows a dog can get into just about anything around the house. But these common snacks could be fatal for Fido.
  • Mouse droppings cause disease

    Mouse droppings cause respiratory disease

    Mice are one of the most resilient mammals living on the planet. Some people have them as pets, and they're also used in laboratory experiments. If wild mice get inside your house, they can potentially
    If wild mice find a way inside your home, they can potentially cause thousands of dollars worth of damage to your drywall and insulation. They can also transmit a harmful disease which can cause death in humans. 
Powered by WorldNow