The two American dreams - of homeownership and of unfettered economic mobility - may be in conflict, as homeownership, especially in downturns like today, impedes mobility and makes it harder for individuals to move to work and the labor market on the whole to adjust.
The benefits versus costs of homeownership is an important debate.
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http://correspondents.theatlantic.com/richard_florida/2009/07/homeownerhips_downsides.php
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1 comment:
Great post - hard to justify paying interest to banks for anything these days. I suppose there was a time when people used to by everything cash. Tough living, but it was done.
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