On the other hand, owning is risky. If the value of your house goes up, you make money, but if it goes down, you may end up owing the bank more money than your place is worth. Bad news. And housing risk is in some ways a especially bad kind of risk to have. Whether you buy or rent, you?re exposed to general risks afflicting the local economy of the city where you live. If the oil and gas industry faces some structural decline, almost every single person in the Houston area will suffer?even if they don?t work in the industry. Restaurants and hotels will have fewer customers, school districts will have less revenue, and car dealerships will sell cheaper, less profitable models. When you own the house you live in, you double down on Houston risk. From a pure investment standpoint, the smart thing for a Houstonite to do would be to buy a house in Minneapolis, which is far away and has a totally different local economy.
Source: http://feeds.slate.com/click.phdo?i=15214db563b0439247eb575b4128ebd9
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