Steve - I personally think the American Dream is changing. Fifty years ago, owning a home was pretty much a given, now, not as much, and fifty years from now, I think even less so.
I've heard a few others say that, but the numbers don't bear that out. Check this chart. 50 years ago, a lower percentage of Americans owned homes than do today. As you can see in the chart, it started a downward trend about 2005 (that's when prices peaked) and although not on the chart, the US Census Bureau put it at 65.4% in January.
We'll see how this year affects those percentages.
Right now, it is still cheaper to buy than to rent for most areas of Sacramento County, and according to an article in Trulia it will remain so as long as rates stay below 8%
Example: I am holding an open house on a home in Natomas today. It is priced at $239,900. I went to mortgagecalculator.com and punched in the numbers for someone putting down 3.5% as with FHA. The payment is $1440 per month. The house is currently rented at $1450. If putting a larger down payment, the loan wood be lower and there for the payment as well.
http://trends.trulia...es-rent-vs-buy/
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