Should we own a home - given risks & costs

[WhenIsItTime]

Anybody have any good data on what is causing the housing demand? We see it in Michigan although our population is same as 20 years ago and builders still building.

 

[Sunset]

Anybody have any good data on what is causing the housing demand? We see it in Michigan although our population is same as 20 years ago and builders still building.

The population of Michigan has increased by 82,277 people over the last 20 years

Still not that many, so my feeling is you are seeing building near you, but in other areas there is no building and places are being abandoned.
Plus , maybe how they count the population is not accounting for some folks.

When we drove from MO to IL via the back roads, we saw many small towns, and in those towns were empty houses and abandoned looking stores and houses. People are still leaving the small tiny towns and moving to large cities where jobs and lifestyle is 'nicer'.

 

[Koolau]

Anybody have any good data on what is causing the housing demand? We see it in Michigan although our population is same as 20 years ago and builders still building.

It's like the old adage regarding prices for housing: Location, location, location. There are always hot spots and you may be in one. Hawaii has been losing population for several years now. It's not because of low birth rate. People can't find good j*bs here and they can't afford housing, so they leave. STILL, housing prices are going up. Heh, heh, do I need to repeat the old adage??

 

[MC Rider]

If you own you may have upside potential, or downside depending on your market. We are in a lot better place having owned a house than if we just rented all our lives.

 

[walkinwood]

You can play around with this graphic to see the move to urban areas in the US

Mapping America’s Futures

The Census Bureau projects the United States will grow by nearly 49 million people between 2010 and 2030. Test possible scenarios for how the US population might change in 2020 and 2030.

apps.urban.org

 

[HopeToGolf]

It can be a tough call. We owned a home and decided to sell when relocating. As a result of not knowing how long we would be in the new location, we decided not to buy. Additionally, we found it difficult to find people to handle the home improvements and repairs we needed. We also do not enjoy fixing things around the house and spending time gardening and such. In the areas where we live, property taxes are high and our offspring attended private schools so we were paying local taxes (of which schools received the largest percentage of the budget) and others in the community were getting the benefit.

Buying makes sense for most but we decided that the “premium” we were paying to rent was worth it since our homeownership experience was filled with headaches and not tons of appreciation/capital gains to outweigh the inconveniences. We love the ability to call someone for repairs, the flexibility to move anywhere, and having the money in the market instead of real estate.

I assume when we retire we might find a property to own but you never know.