Buy vs. rent: Making the right choice

Mood of the Market

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Last year, I wrote about what I deemed "The Big Rethink," meaning Americans' wholesale reconsideration of whether homeownership is still a desirable piece of The American Dream. While I concluded -- and several studies have now documented -- that most Americans do still have a desire to own a home, this month I came across several data points that made it clear that the rethink is nowhere near over. A recent survey showed that 30 percent of people who declared themselves to be homebuyers are actually considering renting and buying at the same time. Sixty percent of adults surveyed agreed with the statement that renting currently makes better financial sense for their lives.This last result was especially interesting, considering that about 67 percent of American adults do own their homes, according to Census data. Since at least some folks who rent ostensibly want to own, that must mean a pretty big chunk of current homeowners think that with their current finances...