It might seem that renting and homeownership are not that different, when you consider a case by case basis such as the one above. However, the majority of the time homeownership is the smartest decision you can make, especially if you have the advantage of the VA Home Loan Benefit. Your own educated, common sense will ultimately be the most important influence on your decision to “own or rent.” What is your goal, your dream? Do you want the freedom that rentals allow you? Or do you want the benefits that only homeownership can bring? There may be a time when renting works better for you, but it is most likely a time where you are struggling, indecisive, between life milestones, or not living in the region you most prefer. Again, owning a home is the best investment you can make, if you can afford it. Learn how to afford it.
Americans like homeownership. Prior to the financial crisis in 2008, a record high 69.2% of Americans owned homes. When the housing bubble burst and the most severe crisis since the Great Depression upended the economy, seven million Americans lost their homes. In 2014 in America, homeownership is at 65.4%, a large figure indeed. If two-thirds of the country own homes, even in hard times, it suggests that it is a strong national value.
Statistics are often hard to interpret. For example, reading that 75% of Americans are well-fed doesn’t help when you realize that 25% are hungry. But in America, again, 65.4% of our population own homes. That’s a big number. America is such a diverse nation now that it is amazing that anything ranks that high. To put that statistic in perspective—just for fun—let’s compare 65.4% to other percentages of basic American behaviors, possessions, and/or values.