But a growing chorus of economists and housing experts say that this mind-set, too, needs fundamental reform. Owning a home is not right for everyone, they say: In some ways it's overrated, and it can even have harmful effects for individuals and society. It is now glaringly clear that buying a home is a financial risk, not the surefire investment it is often perceived to be. Widespread homeownership may also have a negative impact on the economy, because, among other reasons, displaced workers can't easily relocate to new jobs. And some of the alleged rewards of homeownership, such as greater self-esteem, health, and civic engagement, have been called into question by research. The government, critics argue, should focus on ensuring high-quality, affordable housing rather than promoting homeownership for its own sake.
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According to this view, renting offers many advantages, and should be considered a viable long-term option for people of all ages and socioeconomic levels. Renters enjoy flexibility and freedom from the responsibilities of maintenance. Given the often overlooked costs and risks of homeownership, renting is in many cases a wise financial choice. And the experience of a place like Switzerland - a well-functioning country with only about a 35 percent homeownership rate - suggests that rental housing per se does not unmoor society.
The emotional tug of owning a home can't be discounted. But in recent years, as jobs have become less stable, environmental concerns have risen, and the costs of owning a house have become apparent, the case for renting has become more compelling. According to Eric Belsky, "People are saying, 'Hey, it's OK to rent.' " Instead of starting with a presumption in favor of homeownership, he asks, "Why don't we help people make informed choices?"