I would estimate that 35 to 40 percent of home sales in 1997 were first-time home buyers. Home ownership is not for everyone, of course. It's a responsibility and a commitment. If the furnace breaks down, you can't just call the landlord. On the other hand, if you want to stencil cartoon characters on the wall of the nursery or install dramatic purple carpet in the living room, you don't need permission.
Renters typically live in an ecru world.
And I think this is the most advantageous time to move from renting to buying. First, the low interest rates we've enjoyed over several years make it easier to get into a house, since your payments are affected by interest rates. Also, we are enjoying a wide range of choices due to extensive building. We had a very tight market in terms of inventory until the last two years. I would suggest, however, that a buyer interested primarily in the tax benefits of home ownership should counsel with a tax advisor.