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It is Better to Rent Than Buy

07 Sep 2018

Posted by Joseph Coupal

HHHunt ApartmentsIt is easily the question most asked by anyone moving into their first home or downsizing into retirement. Should I buy or should I rent? For nearly a decade the answer has been buy. The crash in home prices, combined with record-low mortgage rates made buying and owning a home both cheaper than renting one and a better investment.

Now, the tide has turned.

Fast-rising home prices and higher mortgage rates have shifted the calculation to rent. The monthly costs of buying and owning a home that you occupy are up 14 percent over the past year, more than three times the annual increase in rent rates nationally. Rents are up just 4 percent. The number of local housing markets where it is cheaper to rent than buy is growing by the day.

Even setting aside big upfront expenses like a down payment, rising month-by-month costs are likely keeping many people from purchasing. Today only 41 percent of people live in a county where the median income family can afford to buy a home at the median list price, and affordability declined significantly over the past year.

Home prices fell dramatically following the financial crisis and the subprime mortgage crash. Millions of homes went into foreclosure and were sold off at bargain-basement prices. Home values finally bottomed out in 2012 and then began to take off. In the last three years, the gains accelerated dramatically, and now homes in most of the nation are worth more than they were at the inflated peak of the housing boom in 2006.

It's normal. Housing is an early cycle sector. Interest rates are low, incomes start to grow, so in an early cycle environment you can buy, but in a later cycle, interest rates go up, home prices go up, it's harder to buy.

The recent acceleration in home prices has been due to a supply imbalance in the market: too much demand and too little supply. That has shifted the equation back to rent, even though rents have increased a lot in the last few years.

According to July home and rent prices, buying a home was cheaper than renting in just 35 percent of the nation's counties. That is down sharply from 44 percent just one year ago.

And it's not just cheaper to rent, it may also now be a better investment. Renting and reinvesting the savings from renting, on average, will outperform owning and building home equity, in terms of wealth creation. That is the first time renting outperforms buying since 2010.

In 16 of the 23 major metropolitan markets covered in the research, renting is a better investment than buying.

So what does all this mean for the wealth of average Americans and the health of the housing market?

Since home ownership has historically been an important source of household wealth creation, it could be problematic if this trend continues for too long. Still, even in places where renting is currently more affordable, rising home prices provide wealth-building opportunity for home buyers.

Since home ownership has historically been an important source of household wealth creation, it could be problematic if this trend continues for too long.

As for home prices, the shift pulling demand away from buying and toward renting will likely cool overheated home prices. In fact, that is already happening. For the first time in several years, in July, the supply of homes for sale was not lower compared to the previous year. It was flat. In addition, while home prices are still rising, they are rising at a slower pace, meaning sellers are starting to see demand fall off a bit, as buyers hit an affordability wall.

Absent some major outlying disaster, home prices are highly unlikely to fall, at least not nationally.

For more information on apartments, contact HHHunt.

#HowYouLive

CNBC

Why Renting is Better than Buying

13 Mar 2018

Posted by Joseph Coupal

Buy or Rent

Both renting and buying have their own sets of financial advantages. There are tremendous financial benefits to renting as opposed to buying a house of your own. Here is a look at some reasons why renters have the better financial deal over homeowners.

No Maintenance Costs or Repair Bills

A definite advantage that renters have is that they have no maintenance costs or repair bills to pay off. When you rent, your landlord is responsible for all maintenance and repair costs. If an appliance stops working or your roof starts to leak, you do not have any financial responsibility to have these things fixed.

Access to Amenities

Another financial benefit to renting over buying a house of your own is having access to amenities that would otherwise be a huge expense. Luxuries such as an in-ground pool or a fitness center come standard at many midscale to upscale apartment complexes with no additional charge to tenants.

No Real Estate Taxes

An obvious benefit that renters have over homeowners is that they do not have to pay real estate taxes. Real estate taxes can be a hefty burden for homeowners.

No Big Down Payment

Another area where renters have the better financial deal is upon signing. You do not have to have a huge down payment saved up to move into a rental property. While the exact amount you need to move in varies from case to case, the total amount is significantly less than you would need to buy a house.

Decreasing Property Value

Property values go up and down, and while this may affect homeowners in a big way, it does not affect renters. Home value determines the amount of property taxes you pay, the amount of your mortgage and more. In a rocky housing market, renters are not as adversely affected.

Flexibility to Downsize

In today's economy, many people struggle to make ends meet. By renting, you have the option to downgrade into a more affordable living space at the end of the lease. When you are a homeowner, it is much more difficult to break free of an expensive house because of the fees involved with buying and selling a home.

Fixed Rent Amount

Rent amounts are fixed for the span of the lease agreement. This means you are able to budget more efficiently since you know the amount of rent you are required to pay. Mortgages and the amount of the property tax can fluctuate.

Lower Insurance Costs

While homeowners need to maintain a homeowner's insurance policy, renters would be wise to invest in a renter's insurance policy. Luckily for renters, renter's insurance is much cheaper and it covers quite a lot. The average cost of renter's insurance is just $12 per month.

Lower Utility Costs

It is much more affordable to heat and power an apartment or small rental home as opposed to a larger home. Rentals typically have a more compact floor plan, and renters can expect lower utility costs.

The Bottom Line

While owning a home may be beneficial over a long period of time, for many people renting is the better option. There are plenty of examples that show how renting can save consumers a considerable amount of money. The choice of whether to rent or buy is a personal one. Before making a hasty move, make the financial decision that is right for you and your family.

For more information on apartments contact HHHunt.

Source: Investopedia.com

Renting Looks Better Because Housing Prices are So High

06 Mar 2018

Posted by Joseph Coupal

HHHunt Apartments

Millennials locked out of the housing market have this consolation: House prices have shot up so quickly that the financial advantage of being a homeowner is fast eroding in many cities.

While it’s still a better deal to buy in some cities, the economic benefit has narrowed to the point that in some places, for some households, the decision to rent or buy a home may be too close to call.

The shift has come because home prices and interest rates have risen recently, while rents have largely stagnated.

To be sure, owning remains at least a bit cheaper than renting in all 100 of the major cities on Trulia’s list.

Yet that difference has narrowed sharply from last year, when owners were paying roughly 41% less than renters. Add in that many apartment communities have additional amenities that you would pay for if you owned a home as well as eliminating the time spent on home maintenance.

In some popular cities, moreover, the homeowner advantage is close to being erased.

And it wouldn’t take that much to erase those homeowner price advantages altogether, the Trulia data shows. Even a 22% difference could be eliminated if home prices continue to outpace rents — or if interest rates rise.

For instance, Trulia’s calculations are based on a 30-year mortgage rate of 4.1%. If rates climbed 2.7 percentage points to 6.8%, the current homeowner advantage in many cities would disappear completely.

That’s not necessarily an outlandish scenario. While mortgage rates have remained low since the 2008 financial crisis, rates around 7% are much closer to the historical norm. Federal Reserve officials, whose control of short-term interest rates gives them some sway over mortgage prices, expect those short-term rates to rise roughly two to three percentage points over the next few years.

Trulia’s rent vs. buy calculations are based on median homes value and rental prices for April 2017. Trulia also assumed homeowners took out a 30-year mortgage covering 80% of a property’s value and lived in the property for seven years.

That seven-year assumption is key, because there is one scenario where it’s often cheaper to rent than buy: when you plan to stay in a home for just a couple of years.

In that case, one-time costs like the real estate agent’s commission and closing costs loom larger — and you benefit less from your home’s appreciation.

For more information on apartments contact HHHunt.

Source: Time- Money

Owning a Home can be a Challenge

28 Feb 2018

Posted by Joseph Coupal

HHHunt Apartments

In their pursuit to find the perfect house, many renters have been surprised by how many homeowners have tried to deter them from taking the real estate plunge.

It’s no secret that owning property can be a great investment but, apparently, it can also be a challenge.

Here are 5 of the top reasons to remain a renter:

1) Hidden costs: Forking over cash for everything from property taxes, to a new boiler, to a lawn care can really add up. As a renter, you know exactly what that roof over your head will set you back each month, and no broken pipes are going to eat into your entertainment budget.

2) Tax letdown: Those alleged tax advantages don't quite exist anymore. Fluctuating property taxes and the fact that you cannot deduct a loss on the sale of your home give some serious pause.

3) Stunted social life: The average homeowner tends to spend less time on active leisure or with friends, experiences more negative feelings during time spent with friends, derives less joy from love and relationships and is also less likely to enjoy being with people.

4) All tied down: Although you may have lived in the same apartment for more than a decade, it is nice to know you can move your family to Paris with little hassle, should the opportunity arise.

5) The big debt: This ties in with #4 above. Although it has a marginally nicer name, having a mortgage is having a debt. Unless you have a lot of cash to burn, investing in a home puts you in the hole.

There are many good reasons to buy property. Topping the list is the desire to leave something substantial to children. However, being mindful of the disadvantages can help prevent you from rushing into an imperfect place.

For more information on renting, contact HHHunt .

Source: SudburyPatch.com

When Renting is the Right Decision

06 Nov 2017

Posted by Joseph Coupal

HHHunt ApartmentsConventional wisdom suggests buying a home makes more financial sense than renting. In many cases, this is true. However, renting is sometimes a smarter approach than buying.

As with any financial decision, all of the options and circumstances need to be weighed before jumping in. Making a major purchase requires doing some homework. The following are some reasons why renting can be more beneficial than buying.

Youth

The typical first-time home buyer is 31-years-old. People who are younger than that and uncertain about their futures should not feel pressured into buying simply because it is presumed to be the “adult” thing to do. Renting and feeling your financial way, which can include seeing how a job pans out or where one’s budget lies after paying off debts, might make more financial sense than buying.

High price-to-rent ratio

Buying may seem like a wise idea, but it could be causing people to spend more than necessary, particularly if they check the price-to-rent ratio and find homes in their area are not fairly priced.

Figuring a P/R ratio includes finding two similar houses (or condos or apartments) where one is for sale and the other is for rent. Divide the sale price of the first place by the annual rent for the second. The end result is the P/R ratio.

The higher the P/R ratio, the more sense it makes to rent instead of buy.

Home prices continue to rise

Some people find themselves being priced out of certain neighborhoods or cities. While the typical worker’s earnings increased a meager 0.3 percent during the study period, median house prices were up by 17 percent. Wages have not recovered from the Great Recession as quickly as home prices have, and some people may need to rent out of necessity.

A market shortage makes it harder to find an affordable home. The number of homes available for sale in many areas of the country has fallen below the number that is required for the market to be in balance. Therefore, even when a home becomes available, demand drives the price up to where it may not be affordable or fiscally smart to purchase. In such instances, renting may be the best option.

One doesn’t meet the buying criteria

Individuals should not buy a home based on market conditions or pressure from others. Instead, they should buy when they’re financially ready. This means being out of debt; having between three and six months of expenses in an emergency fund; enough cash for a 10 to 20 percent down payment on a fixed mortgage; and when their mortgage payment will be no more than 25 percent of their monthly take-home pay.

Renting can be a smart move in many instances. Only when individuals are financially and emotionally ready to buy should they begin searching for their first homes.

For more information on apartments, contact HHHunt.

#HowYouLive

villagenews.com

Buy vs. Rent: Common Myths Busted

03 Jun 2014

Posted by Joseph Coupal

When weighing major life decisions, everyone seems to have the answer. You should marry this person, drive that car, and have so many kids—all by a certain age. Never mind if it’s actually the best choice for you!

Home ownership is no different. Deciding whether to buy or rent always comes with a generous helping of opinion. So how do you separate fact from fiction?

Let’s start by breaking down three common myths.

Myth #1: Buying a home is the grown-up thing to do.

Many folks look at home ownership as a rite of passage into adulthood. According to the National Association of Realtors, the typical first-time home buyer is 31 years old. So if you’re 25 and feel like you’re behind the curve because you haven’t bought a home yet, stop worrying. There’s no reason to rush into a big purchase just because friends or family tell you it’s what you’re supposed to do. Real grown-ups know it’s not the money-smart choice in every situation.

During times of transition, renting for a year or two gives you time to get your feet on solid ground before making a life-changing decision. Here are a few examples:

  • You just graduated from college and aren’t ready to plant your roots in one place yet.
  • You moved to a new city and aren’t sure which neighborhood is right for you.
  • You’re in the military and don’t want to lose money on a home every time you’re stationed in a new place.

Dave also recommends waiting at least a year after getting married to buy a home. After all, it takes a year of being married to know how close to your mother-in-law to buy. Spend your first year getting to know each other and learning how to manage your money well as a team. You have until “death do you part” to take your next big plunge!

Myth #2: It’s stupid to pass up a good deal when the market is hot.

You found the perfect home, and the sellers are practically giving it away. It just might be the deal of the century. Even though Sallie Mae’s got her clutches on your pocketbook, you’d be dumb to walk away, right?

Wrong!

With real estate, you make money by buying the right thing at the right time—not by taking advantage of the market.Never buy a home based solely on the market. Buy when you’re financially ready. Here’s how you know you can afford it:

  • You’re out of debt.
  • You have 3–6 months of expenses in your emergency fund, plus enough cash for a 10–20% down payment on a 15-year fixed mortgage.
  • You’re paying cash up front, or your mortgage payment is no more than 25% of your monthly take-home pay.

Jumping into home ownership with debt and no emergency fund is like diving into a pool with no water. You’re sure to hit rock bottom. First the A/C breaks, then the roof leaks. Next thing you know, you’re turning to credit cards and loans to pay for it all—and the hole you’re in just keeps getting bigger.

There’s nothing wrong with renting while you work to get your finances in order. In fact, Dave encourages it! Take time to lay the right foundation before you take the leap, and your home will be a blessing instead of a curse.

daveramsey.com

Think Before You Buy a House

06 Jan 2014

Posted by Joseph Coupal

It is considered a known fact that home ownership is a part of the American dream. But don't for one second think that home ownership is all sunshine, rainbows, and ice cream sandwiches. There are serious trade-offs that you should know, understand, and accept before signing on the dotted line.

1. Mortgage debt -- a marriage you can't divorce

According to the Census Bureau, the average home price in 2010 was $272,900. A traditional mortgage will finance 80% of that, or just over $218,000. The Census Bureau also reported that median household income in the U.S. was just over $51,000.

Are you comfortable owing over four times your total gross income (before taxes)?

You may be thinking, "But if I don't buy a house, I'm throwing away my money to a landlord with rent!"

Would you rather be "throwing away" your money to a landlord, or to a bank? Because if you bought that $272,000 average American house with a $218,000 loan at 5% for 30 years, you'd pay over $52,000 in interest to your bank of choice over the first five years alone!

Before the house was paid in full, you will have paid that bank over $203,000 dollars -- in interest alone!

2. When you own the house, you pay for the maintenance and repairs

Landlords get a bad rap. A respectable, professional landlord can make life orders of magnitude easier. They are your on-call repairman, plumber, hardware store, and lawn maintenance company.

Air conditioner compressor breaks on the hottest summer day? Landlord will take care of it. Snow storm knocks a large branch into the yard? Landlord will take care of it. Bathroom drain cloggs? Landloard will take care of it.

Nothing like a surprise $5,000 expense (with interest) to ruin those summer barbecue plans.

3. How long did it take to save up that down payment?

In our "average American" example, our potential homebuyer would have to put down a payment of $54,000 to qualify for the traditional mortgage. After closing costs and miscellaneous expenses, let’s call this a round $60,000 just to purchase the home and get a loan approval.

That means that in truth, this buyer needs a decent bit more than $60,000, though. The bank will not make a loan for a borrower who is putting 100% of their liquid assets into the home. Banks like back-up plans, and without some cash cushion, there is no real back-up plan.

So now, our typical American, must save somewhere in the neighborhood of 150% of their annual income to comfortably afford the down payment.

It may make more sense to take that $60k to $75k savings and invest in a target date fund, or an index fund. Those investments are liquid, they can be rebalanced, they don't require property taxes, and their toilets won't overflow, forcing you to pay a plumber to come out on a holiday.

4. Buying a home is not an investment

This final point will be hard to swallow. Buying a home is not buying an investment. It's buying a highly leveraged forced-savings account.

According to data from Freddie Mac, the inflation adjusted return for an investment in a home bought in 1970 is just over 27% through the second quarter of this year. That's a 27% return over a 43-year holding period!

If buying a home isn't an investment, then what is it?

It's a forced savings account. Along with that healthy dose of interest that goes to the bank every month is also a sliver of principal pay-down. Over 10 to 20 years, those principal payments can add up to a good bit of equity. So for those individuals who have trouble putting money aside in savings every month, this is an attractive feature.

But the point is, don't buy a house thinking it is a panacea for financial woe. If you want to maximize your investments, look elsewhere. If you want real estate exposure, consider a REIT. Don't be fooled into thinking that buying a home is a one-way ticket to the good life.

If you are still sure you want to join the ranks of homeowners, go for it. Your decision is thoughtfully considered, you've done the research into the upsides and the downsides, and you're making your own decision.

Personal finance and managing money is as much or more art than it is science. There is never a single right answer that applies across the board. We must all consider the risks, the rewards, and our own personal situations, and then act thoughtfully.

Daily Finance

Rent or Buy? More Choosing to Rent

05 Aug 2013

Posted by Joseph Coupal

Homeownership has always been held up as the American Dream. But it took a major hit during the Recession, slamming home values. As a result, despite a rebound in much of the country, even some affluent homeowners are weighing whether it makes sense to become permanent renters - and are asking planners for guidance.

Many former owners have already joined the ranks of renters. According to a March report from the Federal Reserve, 16 million Americans became homeowners between 2000 and 2006, while 700,000 became renters. However, in the five following years, 1.2 million left the ranks of homeowners, while 4.2 million new renters emerged.

The report also found that an apartment building boom followed. Remarkably, the report added, this happened "even with housing affordability near historic highs."

The fact that people flooded the rental market during a period when one might have expected a rise in ownership, due to a combination of depressed home prices and historically low interest rates, indicates that other factors are at play.

CHANGING THE MATH

Homeownership still makes sense for many affluent clients. Yet given the economic and political climate, "the prospect for increased taxes, decreased deductions and slow growth in housing is driving many people to consider the rental alternative.

While buying has many advantages,  homeownership requires a substantial down payment, typically 10% to 20% of a home's purchase price, and will generate an annual property tax bill as well as hefty annual maintenance costs - anywhere from 1% to 4% of a home's total value, according to HSH.com, a real estate publisher.

That changes the math for some. Because the cost of buying and selling a home can be close to 10% of its value, ownership makes sense only if a client plans to live there five to 10 years. You need enough time to ride out a market cycle if necessary to cover these costs.

Of course, it's not always possible to coordinate market cycles with the need to move - so there's no guarantee that homeowners who stay put will recoup their costs or do better financially than if they had rented.

GENERATIONAL SPLIT

Renting is more common among younger adults - 43% of people younger than 30 rent, compared with 22% of those 45 to 64, and 16% of those older than 65. But while young adults in the past might have stretched to become homeowners as soon as they were able, they are now more cautious.

Some consider renting to be a long-term lifestyle choice that gives them more mobility and freedom from maintenance chores. Having reached adulthood during the Recession, they saw home prices plunge and carry no illusions that appreciation is guaranteed.

Younger affluent clients tended to concentrate on the relative difference in net after-tax payment between buying and renting.  Now, many are more pessimistic, and are "factoring in either zero or negative short-term growth."

For clients 45 and older, the primary concerns may be different. At midlife and beyond, people often make the decision to buy or rent based on lifestyle preferences or health issues rather than financial concerns, particularly if they already have substantial assets.

For older clients in particular, renting may also offer estate-planning benefits. "Trustees and estate executors are alleviated from having to sell a property, which can require improvements in preparation for sale, selecting an agent, negotiations and differences in opinion among estate beneficiaries.” "Renting also alleviates a potential liquidity drain if the house doesn't quickly sell."

Excerpts – Financial Planning

The Hidden Costs of Owning a Home

23 May 2012

Posted by Joseph Coupal

Low mortgage rates and more affordable home prices are creating an interest in homeownership by those who live in apartments. However, potential buyers who are unprepared for the true cost of owning a home may be shocked by the bite homeownership can take out of their wallet in addition to their mortgage payments.

Inspection and Appraisal Fees
Before you purchase a home, you need to pay for a home inspection, and an appraisal, possible even inspections for pests or radon. The costs of these inspections are borne by buyers and are a necessary protection to avoid buying a flawed property or paying too much.

Closing Costs
Buyers need to be prepared with the cash for anywhere from 2% to 4% of the mortgage balance depending on your area.

Taxes
As a homeowner, you'll need to pay property taxes, which are generally part of the escrow you pay into each month. Remember, even if you have a fixed-rate home loan, your property taxes could go up and increase your monthly housing costs.

Insurance
Your lender will require home insurance, the cost of which depends on factors including the construction materials of your home and the location. Even if you have renter's insurance, you'll find that home insurance costs more because you are paying for the ability to rebuild your home in addition to replacing your personal possessions. Insurance costs will rise over time, and you will need supplemental insurance if you live in a flood zone.

HOA and Condo Fees
If you buy a home within a homeowners' association or a condominium association, you'll be required to pay a monthly or quarterly fee. These fees can rise, or your association may need to charge a special assessment for projects such as repaving the parking lot or repairing a roof.

Utility Bills
Depending on where you live, your costs for electricity, gas and water could be higher when you move into your own home than when you live in an apartment. You may also need to pay for garbage collection along with your Internet, cable and phone bill.

Furniture
While this is essentially a discretionary expense, most people who move from an apartment to a larger home need to buy at least some new furniture.

Lawn Care
Whether you handle your yard work yourself or hire a professional, you will have to pay something to keep your landscaping in check. Lawn equipment can be costly and you may need a snow blower or a leaf blower, too.

Maintenance
Home maintenance costs time and money. While you may be able to change your furnace filters, clean your gutters and keep your appliances running smoothly yourself, you may also need to hire a contractor to clean and inspect your chimney and to keep your heating and air conditioning system in top shape.

Repairs
While maintenance tasks can be predictable, the most costly part of homeownership typically comes with unexpected repairs such as replacing or repairing the roof, removing a tree, or paying for mold mitigation in a damp basement. The list of possibilities is endless, so homeowners should set aside savings for an emergency. Experts suggest budgeting for 1% or 2% of your mortgage balance as a yearly maintenance and repair fund.

The Bottom Line
Buying a home costs more than you think. If you don’t expect to stay in your home for at least seven to 10 years, for more information visit HHHunt Rent vs. Buy.

SF Gate

The New American Dream Through Renting

16 May 2012

Posted by Joseph Coupal

In the American mind, renting has long symbolized striving rather than achieving. But as we climb our way out of the Great Recession, it seems something has changed. Americans are getting over the idea of owning the American dream; increasingly, they're OK with renting it.

Homeownership is on the decline, and renting is on the rise. But the trend isn't limited to the housing market. Across the board, Americans are increasingly acclimating to the idea of giving up the stability of being an owner for the flexibility of being a renter. This may sound like a decline in living standards. But the new realities of our increasingly mobile economy make it more likely that this transition from an Ownership Society to a Rentership Society.

The unsentimental fact about the American dream is that Americans never really owned it in the first place. For the past three decades, especially, consumers haven't so much bought their quality of life as they've borrowed it from banks and credit card companies.

Now consumers are following the example of corporations, becoming more efficient. And it starts at home.

Housing is the biggest single component of consumption in the U.S. economy and the source of much of our present misery. The typical consumer spends about 32% of his or her budget on shelter. In the last decade, that generally meant borrowing a lot of money to take "ownership" of a home.

During the boom, the home ownership rate grew steadily, peaking at a record 69% in 2006.

Ownership-boosters failed to note that homes purchased in 2005 and 2006 with no-money-down, interest-only mortgages weren't really bought. They were simply rented until the "owner" flipped them or walked away from the mortgage.

In the post-bust climate, renting has emerged as a much more economically efficient way to pay for housing. A one-year lease represents a far less onerous financial obligation than a 30-year mortgage. It's difficult to get into too much financial trouble as a renter. The home ownership rate has fallen from its peak in 2006 to 65.4% today.

For an increasing number of Americans it makes more sense to rent. According to Moody's, by late 2011 it was cheaper to rent than to own in 72% of American metropolitan areas, up from 54% a decade ago. And the more people who do it, the more socially acceptable and desirable it becomes. The decline in the ownership rate means that about three million more households rent today than did at the height of the bubble.

It's tempting to view the rise of renting as an economic step backward. But many would argue the rise of renting is a sign of a system adapting to new realities.

The U.S. economy needs the dynamism that renting enables as much as, or more than, it needs the stability that ownership engenders.

And the rising popularity of renting is hardly contained to the housing market.

Finally, perhaps, Americans are absorbing a piece of wisdom from Thoreau: "And when the farmer has got his house, he may not be the richer but the poorer for it, and it be the house that has got him."

Read more information on Rent Vs Buy, visit our website by clicking HHHunt.

Wall Street Journal


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