Is Renting The New American Dream?

CBS Evening News: Number Of Homeowners Declining Sharply While Renters Soar

(CBS)  For the last half-century, Hollywood has idealized the American Dream - owning a home with a white-picket fence.

But these days there's a new definition of "home sweet home," reports CBS News correspondent Sandra Hughes. Lynn and Luke Maxcy's dream is to rent a nice apartment in Los Angeles.

"I don't know if the American Dream is to rent forever, but definitely it works for us right now," said Lynn.

During the first quarter of this year, the percentage of households headed by homeowners had its sharpest decline in two decades, while the number of people choosing to rent soared.

Right now, renting is red hot.

"We'll call on a place and somebody will say, 'Yeah, we'll show it to you' and then we'll call back the next day to set it up and they say 'Oh sorry, we've already rented that,' " said Luke.

At Westsiderentals.com, an online Los Angeles rental search service, owner Mark Verge says his market is exploding.

"[There are] enormous amounts of renters coming through here that we haven't seen before. People of all ages that used to be home buyers."

The increasingly unstable housing market and continuing foreclosures have turned even those with the means to buy toward the rental market.

"Rent is no longer a four-letter word, and for many people that's a very attractive and very rational option," said Nic Retsinas, executive director of the Joint Center for Housing Studies at Harvard University.

But for those forced into this competitive rental market by foreclosure, the going is tough. Landlords are now more likely to reject potential renters with bad credit scores.

"You can't just go in and say 'I want this apartment.' It doesn't work that way," said Verges. "You have to go in and tell them you're making a commitment with this owner."

For the Maxcy's, their decision to rent is simple.

"It's nice to know you have to only pay rent and anything else that happens is somebody else's responsibility," said Luke.

Because right now, they don't want the responsibility of owning anything in this volatile housing market.

[rox9991]

can u say social acrimony?

http://www.youtube.com/watch?v=UWtSdOQoASk

[ilovemydoggy]

Read what the media is NOT saying about the financial crisis at Vaboomer.com (scroll down to Mortgage Crisis Post)

http://www.Vaboomer.com

[oneworldusa]

More people are renting because they have no downpayment and credit has been cut off to them. Renting is not the New American Dream, CBS, its the New American Reality for many.

[lastdance128]

The Political Criminal FBI, SEC and Federal Reserve
Should Stick to : POLITICAL PROPAGANDA

It sounds Good - But ! ! - Is it True ? ?

For eight (8) years The Political Criminal FBI,SEC and Federal Reserve
Claims : It was too Dumb and Stupid - To understand that :
MASSIVE BANK FRAUD and MASSIVE BANK EMBEZZLEMENT
Has been taking Place

The Political Criminal FBI,SEC and Federal Reserve
Had full knowledge that Massive Bank Fraud and
Massive Bank Embezzlement was taking place
The Political Criminal FBI - had no intention of following any
guidelines that would have protected : Homeowners or Investors

For eight (8) years The Political Criminal FBI Refused to
ACKNOWLEDGE or to ACCEPT any Complaints ! !

Eight (8) Years is Too long to wait for a : CRIMINAL COMPLAINT ! !
Where are the : CRIMINAL COMPLAINTS ? ?
Where are the : CRIMINAL ASSETS SEIZURES ? ?
Where are the : CRIMINAL ARRESTS ? ?

Criminal Corporate Nazi Fascist America
Can Commit any Crime they want ! !
The Justice Department will approve it _ The Political Criminal FBI will Protect it !

To Patronize and Fraternize -
The Bush Nazi Fascist Crime Regime and
Criminal Corporate Nazi Fascist America
Is the only Real - Job Description of -
The Political Criminal FBI, SEC and Federal Reserve

The Political Criminal FBI, SEC and Federal Reserve
Writes Good - POLITICAL PROPAGANDA

POLITICALLY ASSIGNED :
Work Morals and Work Ethics are a : DIFFERENT ISSUE ! !

[lastdance128]

Under the : Reagan-Bush Administration -
The Savings and Loan Scam

Gov. Tommy Thompson (R) Wisconsin
At the same time in Wisconsin - Welfare paid :
$980.00 dollars a month in rent for : Welfare Recipients
(family of (4) four) Mother Three (3) Children

People who were in danger of losing their homes
Simply - Rented their homes to : Welfare Recipients

[lastdance128]

Re : alphaa0100

This is for Comments - NOT - Copied Lectures

No-One reads all that garbage

[mnguyen4]

Is Renting the New American Dream? Not really. However, renting is now a reality for many Americans because in the insecure era of Globalization, you need to move around the country quickly looking for work without being tied to a residence financially.

The American Dream, for me, is finding WORK. It has been like that for centuries when millions of men and women left Europe and their native countries to find job opportunities in the New World. Building a home in America is a matter of necessity, rather than a goal by itself. Even the conservative McCains who own 7 homes will agree that Americans need jobs first. Unlike most Americans, the McCains will continue to live well even if they don''t move into the White House next year.

A final note about the McCains is that John McCain must take responsibility for the Republicans%u2019 efforts of sending jobs overseas and of allowing illegal aliens to come here in the US and take jobs away from Americans.

[psmary]

WE HAVE AN AMAZING HOUSE FOR RENT IN PALM SPRINGS CA AND NO ONE HAS RENTED IT SINCE MAY! NOT EVERY MARKET IS AS HOT FOR THAT, BUT IT''S AN AWESOME FAMILY HOUSE!

[stevenga777]

From what I read on this board it apears that now Americans are even too lazy to own their own homes. In 20 years all Americans will be working at Walmart for their Chinese slave masters living in company homes. Americans are spoiled and lazy, living off the wealth saved by the depression and WWII generations. We need a large influx of motivated immigrants to get the US back on it''s feet. I''d rather have a Mexican who puts pride in his work build my houses than lazy a$$ American workers who do the minimum to get by. It''s hard to find a good American worker...I''ll hire an immigrant worker over a native born American worker any day because the immigrant is motivated to work hard to build a better life while American workers just want to get by with the least they can do like Homer Simpson, Al Bundy, and Joe sixpack.

[aperspective]

Home ownership is still the American dream. It must be because it is the foundation of the U.S. consumer economy. Hollywood, as the article alludes, did not invent the obsession with home ownership, the U.S. government did; and having kids too as evident by federal and state tax incentives.

I don%u2019t buy it. I don%u2019t buy that I should be house poor by spending all my money at the local chain home center, property taxes, earthquake insurance, and on and on. I don%u2019t buy the income tax incentive because at today%u2019s low mortgage interest rate there is not much of an break, particularly when compared to all the spending required with home ownership. I have owned three homes and today I prefer to rent and not be house poor.

American%u2019s free yourself of a false requirement of homeownership to be a citizen in good standing. I love my apartment; I have money in the bank and an excellent credit rating. I can move with relative ease to be close to my job. My income tax filings are very simple and I have peace of mind.

Note to politicians; the economic crisis which is a direct result of hyper capitalism and lack of government regulation is teaching many citizens the value of keeping our money in our pockets and out of the hands of corporate America%u2019s.