Is it better for people to own homes or rent them?
I came across the following graph today:
Britain has become a nation of home owners. What is more, they're paying off their mortgages at speed. According to the English Housing Survey:
In 2016-17, 34% of households were outright owners while 28% were mortgagors
The balance were renters, mainly single young renters.
While the total number of owner-occupier households has remained flattish at around 62% for the last decade, the portions of those who own outright and those who own with a mortgage have switched around. In 2007 about 40% owned with a mortgage.
That means that householders have taken advantage of the low interest rates and falling mortgage payments, to repay some extra capital.
I believe this is the reason Brexit Britain's economy is showing no sign of slowdown, even with just 9 months to go to Brexit Day.
If you have such a big chunk of the population who have neither rent nor mortgage to pay, they will have a healthy disposable income and nothing will scare them off their shopping.
If you can pay your mortgage off early, owning is definitely the way to go. Rent is dead money, and there is nothing worse than renting in retirement.
Yes. It always amazes me that some people reach retirement not owning their home.
Congratulations @alyssas! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Let's go for the Quarter-Finals
Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes