Whether you're relocating to Houston, Texas or just moving across town, it's time to ask the age-old question: To buy or not to buy? Many of us have always thought of home ownership as the American dream, but after the recent mortgage crisis, we've seen reasons to think twice. There are many reasons why renting is a great idea at any time, and even if you do plan to buy eventually, renting will give you time to get to know your new community and make an informed purchasing decision. If you'd like to base your decision on factors beyond yourself, renting is still a great choice. The evidence is piling up to show that renters are revitalizing their communities, improving the national economy, and leading the way out of the housing crisis.
Renters rescue ailing neighborhoods
From Miami to New York, and everywhere in between, endangered neighborhoods are being saved by renters. During the housing boom of the mid-2000s, thousands of condominium units were built in major urban areas. Since the housing crisis hit and the stock market fell, shiny new condos ready to sell have sat empty. Empty buildings attract crime, and low population and a depressing image hurts other businesses in their neighborhood. Renters to the rescue! It's still difficult for would-be condo dwellers to secure the mortgages they need, but when building owners put up the units for rent, a young and vibrant crowd of responsible residents move in, giving neighborhoods new life and new business.
Renters show the way out of the housing crisis
In fact, as MSN real estate reports, there are many ways renters are leading the way out of the housing crisis and into a stronger economy. Renters are more free to move, so businesses can attract workers from other areas. Rental units let workers of all income levels live in the neighborhoods they serve. Living near work (instead of where one can afford to buy) reduces urban sprawl, traffic congestion, and pollution. And people who save money by renting are likely to spend those dollars in other places, boosting the economy all around.
Renters may be the key to the future of our economy
Writing for The Atlantic Monthly, Richard Florida predicts how America's economy will evolve as we find our way out of the recent recession. One of the keys to the new economy will be a flexible workforce, building new business centers in under-used cities. The more ready workers are to move to find better jobs, the more successful they'll be. Those flexible, mobile workers will, of course, be the ones who aren't tied to a mortgage. The future of our economy, according to Florida, lies with people who choose to rent, rather than buy.
Are you one of the mobile renters who's changing the world? Whether you're new to the area or moving within Houston, Houston Apartment Insiders is here to help. Give us a call at 713-581-1055 (866-918-4022 toll free) or contact us online.
Posted by Melanie Belasco Levy on 03/09/11
