Of course, now the market has dropped and some renters are gloating and singing: I told you so! Others are thinking about bargain-hunting. That's the gist behind this recent article from the Wall Street Journal.
The WSJ article has a great chart (from Fannie Mae) about the pros and cons of renting versus home ownership.
My vote for the smartest renter goes to Dean Baker --of Washington, D.C. -- who bought a place, sold at a huge profit, then rented for a while.
Dean Baker, an economist, believes that the slump validates his decision to sell a two-bedroom condo in Washington's Adams Morgan neighborhood two years ago. Mr. Baker says he received $450,000 for the unit, which he had bought for just $160,000 in 1997. Since unloading the condo, he and his wife, Helene Jorgensen, also an economist, have been renting an apartment nearby for about $2,300 a month. -- Source: WSJ
The Frugal Duchess Boutique