[quote=EconProf]It always was the most ignorant advertising slogan ever.
For one month’s rent, the tenant got to sleep under a roof, hot water, flush toilets, several rooms, a kitchen, maybe a garage, and someone to call when something went wrong with any of the above. Considering the alternative to paying that month’s rent, this is a bargain.
As current events unfold, it will be apparent that the tenants are the lucky/smart ones.[/quote]
I disagree, EconProf. For the many people who put very little of their own money into buying a house, and who got mortages with low initial payments, it was a wonderful deal. Some will have paid less than rent, others will have paid more but will still be ahead because they bought a few years ago at lower prices than today’s. Even those who paid more than rent, but who put down just a small downpayment, will have gotten a very low cost call option on house prices that didn’t pan out, but was definitely sold to them for less than its value at the time of purchase.
About the only home buyers who have any justification for complaining are those who bought recently and made very large downpayments. (Even there, the deal was no worse than for buyers of stock or any other asset, but I listen with more sympathy.)
