To Rent or To Buy a Home?

Image: realtor.com

Financial Times columnist Lucy Kellaway recently contributed a piece on the decision to rent or to purchase a home. Her article discussed the emotional and practical reasons each choice presents. Kellaway also gave the story a personal touch, when she noted her own predilections (decidedly in the home buying camp) and those of her family.

The journalist also contrasted her perspective with that of a British designer, who apparently penned a piece lauding the rental option. Kellaway didn't think much of her countryman's point of view.

I read the FT article with some interest. My wife and I have spent what seems a Ulyssean time frame in our efforts to purchase a home we can afford. It's not quite as simple as that. We also want to live in a community we like. In the New York-New Jersey area, our champagne tastes for neighborhoods and towns don't quite match our beer budget. What's more, we're somewhat torn over residing in the cramped, but exciting city versus a sedate, yet appealing white-picket-fence suburb. The issue is that we enjoy both styles, but can barely afford one. My wife jokes about winning the lottery (any lottery) and having enough cash to swing both worlds. Well, we haven't won yet.

Image: redfin.com

In the years we have searched for a proper home, my wife and I explored a variety of houses and condos. We were the proverbial "bridge too far" on a couple of offers. We've seen desperate structures with valuations to match. We've toured houses that contain one, very small closet. One house, for nearly one million dollars (profoundly beyond our means, in case you're keeping score) did not have a garage. When the house market mania was at its peak, we were "encouraged" to enter bidding wars. My spouse and moi found the idea repellent, and didn't bite.

The rent v. buy conundrum is difficult for me. Since my pre-teen years, I've lived nearly my entire adult life in apartments. It's challenging to contemplate owning a home, and having to mow the lawn, clean the gutters, and perform other maintenance. (For the record, I'm not handy around the house.) On the other hand, I could enjoy home ownership and savor its rewards.

Image: realestate.msn.com

Not so long ago, my wife and I visited friends in Wisconsin. They endured the minuses and enjoyed the plusses of home ownership in ways I could only imagine. I was a little jealous, as house prices were lower than the NY-NJ scale. More significantly, knowing my college peers took out and paid a mortgage made me feel as if owning a home was something I could really accomplish. The concept didn't feel so distant, the reality didn't seem so daunting.

That latter feeling reminded me of a remark in Kellaway's article. She noted her daughter, a recent university graduate, was renting without hope of purchasing something she could call her own. This was a depressing observation, but I took some solace in knowing that it took Ulysses twenty years to return to his home. My wife and I haven't searched that long, but if we're on a Homeric timeline, then we're getting closer to making a down payment on that elusive house or apartment destined to have our names on it.