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 return to the Queets

Back on this day, Sept. 20, 1890, Private Harry Fisher, a member… Continue reading

PAT NEAL: The sting of bee season

By now, I think we’ve all had it up to here with… Continue reading

Congressman Derek Kilmer, D-Gig Harbor.
Point of View: Bill aims to aid rural hospitals

FORTY-NINE YEARS ago, I was born at what was then called Olympic… Continue reading

LETTER: Elegant column

Elegant column Although I am pro-choice, I wholeheartedly applaud the recent elegant… Continue reading

LETTER: Sound of freedom

Sound of freedom “Judge: Growler Flights Continue.” Which came first, practice flights… Continue reading

LETTER: No masks

No masks As a preemptive strike against the inevitable, I encourage all… Continue reading

LETTER: Mail delivery

Mail delivery The mail delivery along U.S. Highway 101 is the worst… Continue reading

PAT NEAL: Back-to-school drugs

BACK TO SCHOOL. I wonder if any if any three words in… Continue reading

LETTER: Not dead yet

Not dead yet I read Mona Charen’s column regarding President Biden’s age… Continue reading

PAT NEAL: Toki is free at last

It was another tough week in the news. A 57-year-old female orca… Continue reading

PAT NEAL: Why I did not go to work today

They say there’s a shortage of folks willing to work in these… Continue reading