NPR logo Is Owning A Home Overrated?

Is Owning A Home Overrated?

Real estate

Yes, it's a good thing for some people to buy a house.

"Those who plan to stay in one place, who have secure jobs, and who can afford to should still buy homes," Richard Florida writes in a WSJ op-ed piece today.

But that doesn't mean everybody should own a home. Florida, who wrote The Rise of the Creative Class, points out that home ownership makes it harder for people to move for work, which carries a real cost. He writes:

Today's idea-driven economy requires a more mobile work force that can seize opportunities wherever and whenever they arise. Owning a home may actually be a drawback given the economic flexibility required to power long-lasting recovery.

So, he argues, it would actually be a good thing if fewer Americans owned their homes. To that end, Florida says, the federal government should stop subsidizing homeownership and phase out the mortgage-interest tax deduction.

Planet Money Questions of the Day: Is home ownership overrated? Should the government continue to give preferential treatment to people who own rather than rent their home?

Article continues after sponsorship

Leave your answer in the comments section.