The Villages leads the nation in home ownership at 89.2%

[graciegirl]

The Villages is leading the nation in home ownership.

The Villages has a home ownership rate of 89.2 percent, according to an analysis released this week by 24/7 Wall St.

From an article from a local online newspaper.

Posted for your discussion. I thought it would be higher than that.

[dewilson58]

I read the article.

My small mind is confused.

What about the other 11%...........does that mean 11% are renting. Is so, that seems low.

[dewilson58]

I read the article.

My small mind is confused.

What about the other 11%...........does that mean 11% are renting. Is so, that seems low.

dew, let me help your confusion:

The original article states: "Based on the homeownership rate — the share of housing units that are owner-occupied"

So, yes the other 11% are rental units.

The article went on to say: "The areas with the highest ownership rates tend to have larger shares of older residents, who are generally more likely to have accumulated the capital necessary to purchase a house."

Hope this helped.

[Villager Joyce]

Anither useful fact might be the percentage of homes with homestead exemption.

[dewilson58]

dew, let me help your confusion:

The original article states: "Based on the homeownership rate — the share of housing units that are owner-occupied"

So, yes the other 11% are rental units.

The article went on to say: "The areas with the highest ownership rates tend to have larger shares of older residents, who are generally more likely to have accumulated the capital necessary to purchase a house."

Hope this helped.



Oooooooooo, that does help.

Thank you.

[Shimpy]

:shrug:

[2BNTV]

I wonder what percentage of the buyers, have a mortgage?

Until the mortgage is fully paid, the bank technically owns the home!

[rubicon]

This would suggest that every other city or town in America has less than 89.2% home ownership? I had read that millennials were less interested in home ownership and opting for urban living but that may be just a passing phase?

[Gpsma]

The 89.2 seems high but given that TV is a community of single family homes, the almost 11 rental rate is ridiculous. Again, the Benevolent Developer allows rentals because otherwise sales would go down.

[Gpsma]

I wonder what percentage of the buyers, have a mortgage?

Until the mortgage is fully paid, the bank technically owns the home!

That is an interesting question. I bet those that rent year after year have mortgages on their homes. I also would think those that still havent sold their old homes but bought first might have a mortgage.

And "technically" the bank does not own the house. They have a mortgage secured by the equity in the house.

[RickeyD]

I wonder what percentage of the buyers, have a mortgage?



Until the mortgage is fully paid, the bank technically owns the home!



Nope. Whomever is on the deed owns the home with all rights and privileges a landowner has. He can rent it, borrow off of it, improve it, live in it, realize any appreciation on it, take tax shelter from it and thus profit from it in any way he chooses. He can even defend himself within it with deadly force. The bank can't do any of these things and can't even list it as a real property asset. The bank holds a monetary lien, nothing more.

[ColdNoMore]

I read the article.

My small mind is confused.

You're not alone, I'm confused also.



What about the other 11%...........does that mean 11% are renting. Is so, that seems low.

Very low.

I'm also wondering who compiled the data and what they used to base their conclusions.

Given that I have yet to find a reliable source that shows JUST those of us who live in TV proper (including all zip codes/counties)...how did they determine the % of homeowners?

I recall the Happy Paper last year (or the year before?) declaring that The Villages had topped 100,000 residents (which I believe), yet I would love to see someone post an official link that shows anywhere close to that number. :shrug:

And obviously that number is much higher since the Happy Paper published it, but it seems only the Developer has the actual number of residents that live in just 'The Villages.'



PS. Is that the same online newspaper that only prints negative things about TV? :1rotfl:

[Rapscallion St Croix]

My neighbor lives in his home during snowbird season and rents it out the rest of the year. Which category does his house fall into?

[Villager Joyce]

As a kind of related aside, I have been thinking about when it makes more sense to rent than own. At 70? At 80? Building equity is not as important. Perhaps convenience of calling a landlord takes priority. Just thinking out loud.

[ColdNoMore]

As a kind of related aside, I have been thinking about when it makes more sense to rent than own. At 70? At 80? Building equity is not as important. Perhaps convenience of calling a landlord takes priority. Just thinking out loud.

How about at any age?

I've read several studies, that compared renting versus owning for the last 30 years or so.

The conclusion with the ones I recall, once ALL factors of ownership (taxes/maintenance./etc) are taken into consideration and assuming the savings in renting were invested, is that owning is more expensive than renting...even with the home appreciation.

What it really boils down to is the emotional, not financial, part of it.

Most homeowners prefer to have something that is "theirs," not the landlord's...even if it costs more in the long run. :shrug:

Then of course, there is the increasing popularity of reverse mortgages...which is worthy of a thread on its own.

[justjim]

Many millennial's have come to the conclusion that renting fits their lifestyle better than owning. A house can own you---especially your time. The same can be said about retirees. A house can "cramp" your lifestyle, especially, if you don't have the money to pay someone to do everything i.e. Landscaping, house cleaning, maintenance, etc. etc.

From the statistics, there could be as many as 6,000 rentals in The Villages. I'm not sure how many but there are many more than just a few years ago.