The New Math of Renting vs. Buying
"When I was arrested, Oceania was at war with Eastasia."
Buying a home has long been part of the American dream. But rising prices have made renting less expensive in many places.
"With Eastasia. Good. And Oceania has always been at war with Eastasia, has it not?"
People often aspire to own a home for reasons that have little to do with money, and rental options are limited in some communities. Yet owning property can limit your flexibility to move when you want and ties up a lot of your money.
Winston drew in his breath. He opened his mouth to speak and then did not speak. He could not take his eyes away from the dial.
The median sales price of existing single-family homes rose 11.4% in 2013 from the previous year----the highest yearly increase since 2005, according to the National Association of Realtors. Prices in many places, including Los Angeles, Baltimore and Portland, Ore., rose even more last year.
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