Joanna Kitenge

Ms. Milliner

EES22QH-01

6/1/17

Homeowning Myth

The U.S. homeownership rate, as of 2015, is 63.7%, the lowest it’s been since 1990. The

majority of people who own homes today are 65 years old and older. This can be because they

have retirement money to put towards buying a house or may have old money from working for

majority of their lives. Many of whom never knew what it was like to not live in their own

home, meaning they never lived in apartment buildings or shelters or group homes. This is not a

shocking idea today because of the uneven distribution of wealth which causes some to be able

to afford things others can't. Even despite this, there are some people who are making good

money but still can't …show more content…
The benefits of owning a home outweigh those of renting an apartment.

Homeownership is the epitome of the “American dream” not only for its advantages as a

financial asset, but also for its socio-cultural value. In fact, most renters compare owning a home

with the ultimate ideal. Homeowners never need to worry about paying a landlord when the rent

is due or worry if there building allows things because they own it and can do what they please.

They can also rent out rooms in their house to other people if they need to make more money on

the side. Also, there is a sense of accomplishment and ownership that comes with owning a

home. Everyone would like to live in a place they can call their own.

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The problem is that the price and qualifications for owning a home today, especially in

New York, are not good and there are too people who cannot afford it. Some of the

qualifications are depending on your credit and financing, a person will typically need to save

enough money for a down payment which is somewhere between 3% and 20% of the …show more content…
Another

stage had to deal with finding possible solutions to the problem and planning ways in which to

go about with the solution that was chosen. It was broken down into days that certain things can

be done, and who and how they would get done. There isn't really one simple solution to fix this

problem, rather there is steps to be taken to lessen its’ effects and one way is to lower the prices

of homes in urban areas. This is because increasingly, houses have sprung up in urban areas

such as Cypress Hills, an area where pricing for housing is not very high, and have elevated

prices like those that would be seen for a condominium somewhere in Manhattan. For example, a

three bedroom and two bath apartments is $950,000 alone. If that's just the price for a small

apartment, the price of an actual house outweighs it. The lowering of the prices can be done by

creating a better payment plan for those who want to buy a home and can't afford to pay

thousands monthly as a mortgage. They should be allowed to pay is lesser installments. This

would attract more people and give them a better chance. Another solution to lessen the