Two items, one a radio commercial the other a news item, reveal how the American Dream of home ownership can hides a darker side. For many the recent "housing bubble" and its aftermath have led to foreclosures and debt slavery for those unfortunate enough to be caught in the toils of an unstable economy. For years I have advised that renting is a much better alternative to home ownership, and the two subjects of this post bring the picture into clearer focus.
The radio commercial has two women talking about the home that one of them just bought. "We both make the same salary; how could you afford to buy your own home?" asks the one who is evidently not too well informed about such matters.
"Four bedrooms, three baths," announces the proud new homeowner, "and it's only $199.00 a month!"
The pitch is about foreclosed homes that are being sold for a little as $20,000.00 and if you call the number they give you they'll furnish you with a current list of homes you can buy. Sounds great, doesn't it? Well, maybe not.
What the ad glosses over are the hidden expenses; property taxes, insurance, maintenance, landscaping, and the possibility of loss in value like the folks in Bedford, Texas, are facing.
This small city in the Dallas-Fort Worth Metroplex made the news recently when the Texas Department of Transportation announced that the new highway they are planning is routed in such a way that will take half the back yards of all the homeowners along the proposed route. In one instance the right of way passes through the middle of a swimming pool. These home owners stand to lose no matter which way it goes; they might take the DOT to court, the equivalent of jousting with windmills, and face the expense that would entail along with the loss in property values they are going to suffer.
Home Ownership; the American Dream or a nightmare?
No comments:
Post a Comment