The push for an ever-increasing homeownership rate in this country recently led to a huge housing bubble, followed by a tsunami of foreclosures and declining home prices. Lax lender qualification a few years ago fueled a run-up in home prices that couldn't last. It left many homeowners who bought beyond their means with damaged credit and without a home.
Homeownership has been the American dream. But owning a home isn't for everyone. Factors often not taken into consideration by homebuyers is that homeownership requires a lot of time, effort and a financial commitment that goes beyond merely paying your principal, interest, property taxes and insurance.