In some parts of the country the American dream of owning your own home may no longer be a practical possibility for many lower and middle income Americans. Real estate prices have risen nearly out of their reach, and in addition, the investment benefits of home ownership have diminished. Annual home appreciation is now often less than the current inflation rate. In some areas home values have actually declined. So for many people, renting has become increasingly popular as the preferred housing choice in the '90s.
Housing is the single largest budget item for most families.
With the large variety of choices in today's housing market, the decision concerning what to buy or rent has become even more complex. Some apartment complexes are as small as four units while others have hundreds of individual units. Also available for rent are rooms, duplexes, individual homes, condominiums and townhouses. Today most individual homes have about 1,200 to 1,500 square feet of floor space. A manufactured home.