"Renting, of course, does have its drawbacks. Renters may be subject to landlords raising fees or refusing to renew a lease, for example. With homeownership, "you have some security with respect to the ability to control your own destiny," says Stuart Gabriel, the director of the UCLA Ziman Center for Real Estate. Still, ownership typically only makes economic sense for those looking for stay put for several years. Property values need to appreciate enough to cover closing costs and other fees. "You're speculating on housing prices and included in that speculation is the cost of buying and selling, which can be substantial," he says..."
[WSJ 1/17/13]
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