Monday, October 15, 2007

A Family Tree of Renters

Recent events made me realize I have very few immediate family members who actually own a house in California. Both my husband's and my family are long time Californians (3 or so generations).

So here goes...

My Side -
Grandpa - Rents (a renter ever since I can remember)
Mom - Rents (sold in fall of 2006, not sure if she plans to buy anytime soon)
Dad - Moved to Mexico to retire since CA was too expensive (previously owned in Stockton)
*Brother - Purchased a couple years ago in Orange County.
Uncle living in Sac - Rents (but recently moved in with girlfriend who owns)

Hubby's Side
Parents - Rent (owned many years ago)
Brother-in-Law & family - Renting (never owned)
*Grandma - Owns

So this is around a 25% ownership rate in my close family. Nowhere near the national average. Hopefully the market correction will allow most of them to be I know many of them would like to be (especially my in-laws)....but they were also smart enough not to buy into the get in way over our heads now or be left out forever hype.


Giacomo said...

Interesting. I don't think home ownership needs to be the goal for everyone. It can certainly be argued that there are better places to put your money, for investment or saving purposes.

I can certainly picture being retired and not wanting to deal with the hassle and extra expense of owning.

buying time said...

At least for my family I think it becomes more of a goal at or near retirement. Which is why my in-laws are itching to buy....but my father in law doesn't have a steady income (he's a stone mason).

Grandpa had a business go bust in the 70s and they never recovered financially...eventually they had downsize and move out of their wonderful rent controlled place in Santa Monica. It would have been great for them to own...but it wasn't really an option.