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Home ownership a brighter prospect than renting

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Editor's note: The following guest perspective responds to the article, "Home ownership doesn't add up for everyone," which summarized a recent study by Dean Baker of the Center for Economic and Policy Research examining the effect of home ownership on low-income families. Baker argues that in some circumstances, low-income families may be better off renting than owning a home. Dean Baker is not only sailing against the tide of popular opinion in arguing that many low-income families would be better off renting, his assertion flies in the face of good common sense and a whole house full of empirical evidence that indicates otherwise. It is a well-established fact that home ownership contributes to neighborhood and family stability, adds to the family's image and self worth, and most importantly, owning a home is the single biggest element in building household wealth for the average family. Try telling a low-income family who has been displaced or evicted from a long-term rental h...