LETTER: Homeownership is a gift that keeps on giving

Despite a recent column on the “misplaced faith” of homeownership, buying a home is a sound investment.

PDN Thursday Commentary page columnist Catherine Rampell is baffled by the American idea of homeownership (“Misplaced Faith In Homeownership,” PDN, Aug. 25).

Ah, the blush of youth.

It’s doubtful that the majority of economists shun homeownership and rent a residence, but there is a solid case against individual homeownership as an “investment.”

The idea of earning a return on real estate should be left to landlords who buy properties to rent.

However, there are solid reasons to own a home.

The primary benefit to owning a home is that no one, including Medicaid, can take it away.

While the stock market and the economy can head south unexpectedly, there will be equity in a home that can be tapped for critical situations and repaid without significant loss.

Additionally, a home has tax advantages for heirs.

Upon death, a home can be revalued to current market value, avoiding what might be many thousands of dollars in taxes, whether or not the heir keeps or sells the home.

None of these benefits would be available to a renter.

The choice is clear: Pay rent and get nothing, or purchase a home and build equity over a long period.

If Ms. Rampell decides to rent her residence, she chooses to eschew all of the benefits of homeownership in her later years.

The return on her terrible “investment” will be zero, but perhaps a financially ignorant homeowner will leave her a house or a few hundred grand to make up for her lack of foresight.

Bob Richey,

Sequim

More in Opinion

PAT NEAL: A new adventure sport

There is a new outdoor adventure sport making waves all across this… Continue reading

PAT NEAL: Thank you for reading this

Thank you for reading this. Somebody must. I know this from all… Continue reading

LETTER: Held hostage by unvaccinated

So here we are again. On the verge of locking up and… Continue reading

Vincent Van Gogh created nearly 900 paintings during the final 10 years of his life, including 1889's "The Starry Night."
DIANE URBANI DE LA PAZ: Immersing yourself in the art of Van Gogh

Part amusement park, part magic mushroom-like trip, the Van Gogh Immersive Experience… Continue reading

PAT NEAL: A really hard winter on the Peninsula

It was daylight in the swamp. Last week’s snow was melting in… Continue reading

PAT NEAL: A miserable memory of a New Year’s Eve

In last week’s episode, we were sharing the yuletide joy of an… Continue reading

PAT NEAL: A Christmas canoe cruise continued

LAST WEEK, WE were comparing our modern system of transportation with a… Continue reading

John, Paul, Steve and Rita

Very big deals, cinematically speaking, have just overtaken our screens. For me,… Continue reading

PAT NEAL: A Christmas canoe cruise

As the holiday season progresses, we ask ourselves the question, “will we… Continue reading

LETTER: Look deeper

The picture on the front page of the Dec. 5 PDN presents… Continue reading

Colleen McAleer, Clallam County Economic Development Council
POINT OF VIEW: Clallam EDC tries to lift local economy

AS WE CONSIDER our local community, we have much to be thankful… Continue reading