Living in a Home Versus Living in Apartment

Topics: Real estate, Federal Reserve System, Renting Pages: 3 (890 words) Published: December 9, 2010
Living at home versus living in an apartment
Living in a house and living in an apartment have their own set of advantages and disadvantages. An apartment is relatively cheaper and easier to maintain than a real house. An apartment dweller, however, has to deal with responsibilities such as paying the rent on time and complying with the rules of apartment personnel. A house, meanwhile, is considered as an investment in property; homeowners have to deal with mortgage payments, as well as utility bills. Living in an apartment is one of the first real steps towards independence for some individuals, in contrast living in your own home is synonymous to responsibilities such as being able to make mortgages payments consistently. There are many pros and cons to consider making the decision to live at home or an apartment, But always most people will take one option more than another. As the saying goes, with freedom comes responsibility. Young usually are eager to their 18 years to move into an apartment and have independence. They view the apartment as an oasis of freedom, and it is relatively cheaper and easier to maintain than a real house. On the other hand, for many people buy a home is one of the most significant moments of their lives. According Li, Wenli; Yao, Rui “The United States is increasingly becoming a country of homeowners. As reported recently by the Census Bureau, close to 70 percent of households now own their primary home. Homeownership is no longer just an American dream; watering lawns, sweeping sidewalks and cleaning drain gutters is no longer the sole privilege of middle-income and affluent households. With the rise in the homeownership rate, an increasing share of household wealth is tied to housing. According to the Federal Reserve Board's Flow of Funds account, residential property accounts for over 30 percent of total household assets, and home equity accounts for over 20 percent of total household net worth” (Li, W.,Yao,R. 2006). In my...

References: Housing, E. B. (2009). eLibrary. Retrieved from http://elibrary.bigchalk.com
McCutchen, S. (2010). Ezine Articles. Retrieved from Ezine Articles: http://EzineArticles.com/?expert=Steve_McCutchen
Li, W., Yao, R. (2006, January 01). Your House Just Doubled in Value? Don 't Uncork the Champagne Just Yet!. Business Review - Federal Reserve Bank of Philadelphia, 25, Retrieved from http://elibrary.bigchalk.com
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