They Don't Buy When They Can Rent
It's the American dream to own a home, but don't assume that everyone who can purchase a home does. The five-year rule (if you're not going to live in a home for five years, don't buy it) is back, says Trulia's real-estate and lifestyle expert, Michael Corbett, who is also the host of Extra's Mansions and Millionaires. Renting is more popular than ever, he says, even among the wealthy. While it once made sense for people who could afford it to buy a home and flip it after two years, and the market has improved moderately this year, we're hardly in a boom. This article by economist Robert J. Shiller explains that attitudes toward renting are starting to change; 61 percent of Americans in a recent MacArthur Foundation survey agreed that, "for the most part, renters can be just as successful as owners at achieving the American dream."