In the American mind, renting has long symbolized striving rather than achieving. But as we climb our way out of the Great Recession, it seems something has changed. Americans are getting over the idea of owning the American dream; increasingly, they're OK with renting it.
Home ownership is on the decline, and renting is on the rise. But the trend isn't limited to the housing market. Across the board, Americans are increasingly acclimating to the idea of giving up the stability of being an owner for the flexibility of being a renter. This may sound like a decline in living standards. But the new realities of our increasingly mobile economy make it more likely that this transition from an Ownership Society to a Rentership Society.
The unsentimental fact about the American dream is that Americans never really owned it in the first place. For the past three decades, especially, consumers haven't so much bought their quality of life as they've borrowed it from banks and credit card companies.
Now consumers are following the example of corporations, becoming more efficient. And it starts at home.
Housing is the biggest single component of consumption in the U.S. economy and the source of much of our present misery. The typical consumer spends about 32% of his or her budget on shelter. In the last decade, that generally meant borrowing a lot of money to take "ownership" of a home.
During the boom, the home ownership rate grew steadily, peaking at a record 69% in 2006.
Ownership-boosters failed to note that homes purchased in 2005 and 2006 with no-money-down, interest-only mortgages weren't really bought. They were simply rented until the "owner" flipped them or walked away from the mortgage.
In the post-bust climate, rentinghas emerged as a much more economically efficient way to pay for housing. A one-year lease represents a far less onerous financial obligation than a 30-year mortgage. It's difficult to get into too much financial trouble as a renter. The homeownership rate has fallen from its peak in 2006 to 65.4% today.
For an increasing number of Americans it makes more sense to rent. According to Moody's, by late 2011 it was cheaper to rent than to own in 72% of American metropolitan areas, (such as Charleston) up from 54% a decade ago. And the more people who do it, the more socially acceptable and desirable it becomes. The decline in the ownership rate means that about three million more households rent today than did at the height of the bubble.
It's tempting to view the rise of renting as an economic step backward. But many would argue the rise of renting is a sign of a system adapting to new realities.
The U.S. economy needs the dynamism that renting enables as much as, or more than, it needs the stability that ownership engenders.
And the rising popularity of renting is hardly contained to the housing market.
Finally, perhaps, Americans are absorbing a piece of wisdom from Thoreau: "And when the farmer has got his house, he may not be the richer but the poorer for it, and it be the house that has got him."
For those who live in an apartment in Charleston, SC, the Atlantic Cup Race begins this Friday night after work.
On May 11th at 6 pm just off the CharlestonMaritime Center the race begins. You are invited to come down to the park next to the Maritime Center between 5 and 7 to see the fleet and watch the boats set sail for New York. The Tall Ship Roseway will mark one end of the start line and her cannon will fire to officially start the race.
If you are an avid sailor or just novice and you want an insider’s view to the Race Start, you can purchase a ticket for the Official Atlantic Cup Race Start Party. With an open bar, light appetizers and live race commentary, the Race Start Party is the best way to start your weekend and watch the Atlantic Cup kick off! Keep in mind that tickets are very limited, so don’t miss out!
Low mortgage rates and more affordable home prices in the Charleston area are creating an interest in homeownership by those who live in apartments. However, potential buyers who are unprepared for the true cost of owning a home may be shocked by the bite home ownership can take out of their wallet in addition to their mortgage payments.
Inspection and Appraisal Fees
Before you purchase a home you need to pay for a home inspection, and an appraisal, possible even inspections for pests or radon. The costs of these inspections are borne by buyers and are a necessary protection to avoid buying a flawed property or paying too much.
Closing Costs
Buyers need to be prepared with the cash for anywhere from 2% to 4% of the mortgage balance depending on your area.
Taxes
As a homeowner, you'll need to pay property taxes, which are generally part of the escrow you pay into each month. Remember, even if you have a fixed-rate home loan, your property taxes could go up and increase your monthly housing costs.
Insurance
Your lender will require home insurance, the cost of which depends on factors including the construction materials of your home and the location. Even if you have renter's insurance, you'll find that home insurance costs more because you are paying for the ability to rebuild your home in addition to replacing your personal possessions. Insurance costs will rise over time, and you will need supplemental insurance if you live in a flood zone.
HOA and Condo Fees
If you buy a home within a homeowners' association or a condominium association, you'll be required to pay a monthly or quarterly fee. These fees can rise, or your association may need to charge a special assessment for projects such as repaving the parking lot or repairing a roof.
Utility Bills
Depending on where you live, your costs for electricity, gas and water could be higher when you move into your own home than when you live in an apartment in Charleston, SC. You may also need to pay for garbage collection along with your Internet, cable and phone bill.
Furniture
While this is essentially a discretionary expense, most people who move from an apartment to a larger home need to buy at least some new furniture.
Lawn Care
Whether you handle your yard work yourself or hire a professional, you will have to pay something to keep your landscaping in check. Lawn equipment can be costly and you may need a leaf blower and other yard tools, too.
Maintenance
Home maintenance costs time and money. While you may be able to change your furnace filters, clean your gutters and keep your appliances running smoothly yourself, you may also need to hire a contractor to clean and inspect your chimney and to keep your heating and air conditioning system in top shape.
Repairs
While maintenance tasks can be predictable, the most costly part of homeownership typically comes with unexpected repairs such as replacing or repairing the roof, removing a tree, or paying for mold mitigation in a damp basement. The list of possibilities is endless, so homeowners should set aside savings for an emergency. Experts suggest budgeting for 1% or 2% of your mortgage balance as a yearly maintenance and repair fund.
The Bottom Line
Buying a home costs more than you think. If you don’t expect to stay in your home for at least seven to 10 years, contact Abberly at West Ashley Apartment Homes.
If you live in an apartment in Charleston, SC, you can enjoy the The Blessing of the Fleet & Seafood Festival. The Festival began in 1987 to support and honor local shrimpers. This year the festival takes place on Sunday, April 29, at Memorial Waterfront Park from 11:30 am - 6:00 Overlooking beautiful Charleston Harbor at the picturesque Memorial Waterfront Park and Pier, this festival is one of the most highly anticipated events of the year for seafood lovers!
Come on out and enjoy live music with Southwood and the East Coast Party Band!
The Blessing of the Fleet and Seafood Festival has grown into such a recognized event that it has become a destination – spawning a week of activities centering on the shrimping industry. More than 12,000 people attend the festival each year. It has outgrown its original venue and has been relocated to the new Memorial Waterfront Park inMt. Pleasant.
Memorial Waterfront Park provides a panoramic view of the fleet, a state-of-the-art playground, and sprawling lawns for our chefs, our crafters and our artist guild. Come enjoy spectacular views of the shrimping fleet, award-winning seafood, cooking demonstrations, shag dancing contest on the pier, and other exciting activities centering on the local maritime culture.
Are you a sailer or do you just love water fun? If you live in an apartment in Charleston, SC this is race week.
The America’s Cup is coming to Charleston! On Saturday, April 21, the 161-year-old trophy representing the apex of sailing will be on display at the regatta village. In addition, Tom Ehman of the Golden Gate Yacht Club will be on hand to offer his Cupdate, a multimedia presentation about the excitement of America’s Cup competition. Don’t miss it.
Charleston Race Week offers more than challenging race courses and experienced race committees. Enjoy top-notch shore side entertainment and convenient docking. What to see more? Watch the video!
The Charleston International Film Festival has begun and it runs all weekend long. This is just another great reason to live in an apartment in Charleston, SC.
What is the Charleston International Film Festival? The answer depends on who you ask; it is different things to different people: unique, sexy, hip, original, funky, and romantic. You’ll have five fun-filled days to figure out what you think. There are so many events to choose from with over 80 independent films showing daily, movie biz workshops and seminars, nightly parties, art, lights, music, stars, glitz and glamour. You definitely don’t want to miss it.
The Charleston International Film Festival was created in 2007 to bring people together through the art and science of film. Over the next five days, all genres of film and a wide range of subject matter will be explored.
Don’t miss the Music Farm Saturday Night Wrap Party with Drive By Truckers, Centro-Matics, and L.A.’s own Nick Soliday. One of the best shows of the year in downtown Charleston, featuring Palmetto Brewery and Sailor Jerry Rum.
More information on www.charlestoninternationalfilmfestival.org
When you live in an apartment in Charleston, SC, there certainly is no shortage of things to do. From eating great food, to enjoying the wonderful culture to just walking around a great city. But, this weekend, don’t forget about the Charleston Bluegrass Festival April 6th and 7th at the Sewee Outpost.
The Surf Bar and The Sewee Outpost are hosting a true Bluegrass Festival for all of Charleston to enjoy! For music lovers, and those who are just interested in a good time. A portion of the proceeds will benefit The Sewee Association's Cape Romain National Wildlife Refuge Sea Turtle Programs.
Take a look at the event schedule:
April 6
6PM Whoa Nelly
7PM SC Broadcasters
8PM Angel Snow
9PM Town Mountain
10PM Bluegrass Jam
April 7
11AM Old Joe Clark [Breakfast Jam]
12PM Jordan Igoe and Friends
1PM L Shape Lot
2PM Gravel Road Acoustic Trio
3PM Guilt Ridden Troubadour
4PM Doug Jones wt Bad Popes
5PM Blue Billy Grit
6PM Pierce Edens and the Dirty Work
7PM The Corduroy Road
8PM Underhill Rose
9PM The Mosier Brothers
10PM Hit or Miss Acoustic Jam
There is more information on Charlestonbluegrassfestival.com
Living in an apartment in Charleston, SC puts you in the perfect place to participate in the Cooper River Bridge Run this weekend. The Cooper River Bridge Run is a world-class 10-K foot race. The race promotes physical activity and a healthy lifestyle.
The Cooper River Bridge Run is a 10-K race that includes world-class competition in a beautiful setting. It broadens community perspective and education in healthy events and serves as a model of health motivation for other communities.
Interested in running? The race begins March 31, at 8:00 am, on Coleman Blvd in Mt Pleasant. The route is a 10K point to point, from Mt. Pleasant to downtownCharleston. But the best part is the Finish Festival which takes place after the race at Marion Square! At the festival enjoy entertainment, vendors, Food, souvenirs, refreshments and lots of Fun!!!
There is a kids event too at beautiful Hampton Park in Charleston. The day before the big Bridge Run the kids events will range from short distances up to a mile. In addition there will be a great party in the Park with fabulous activities, foods and drinks, face painting, jump castle and slide, caricatures, games, a petting zoo, and pony rides.
You have probably heard by now that gas prices will only be going up and as we approach summer they may be as high as $5.00/gallon! If you live in an apartment in Charleston, SC and you like to drive around the Low Country and the South Carolina coast on your summer weekend, gas mileage is very important.
You can improve your car’s gas mileage. If you do them all, you can increase your gas mileage by 50%. When you bought your car you had a specified number of miles per gallon, but you may not be seeing that mileage today. Why?
Stop neglecting regular car maintenance. If it has been awhile since you have had a tune up on your car, schedule one! Be sure to keep up on your car’s regular maintenance. Regularly maintained cars get the best gas mileage. You will be pleasantly surprised.
Check your tire air pressure. Your tires can directly affect your gas mileage. As the temperature changes, so does the pressure in your tires. Regularly check that your tires have the required PSI. When the pressure in your tires is too low, your tires no longer work efficiently, they work like water balloons. With too much surface on the road, there is too much friction causing your car to work harder. Your gas mileage can be dramatically affected by poor tire pressure.
Believe it or not, changing your driving habits can affect your gas mileage. The way you drive affects how much gas you burn. Not planning to stop, revving up and slowing down and driving over the speed limit all use too much gas. By changing your behavior behind the wheel, you can increase the gas mileage in your car.
Enjoy the summer and enjoy the ride. Keep money in your pocket as gas prices rise, follow these tips to increase your gas mileage.
As far as activities on St. Patrick’s Day you have plenty of choices. Charleston, SC is the place to enjoy the 2012 St. Patrick's Day celebration. Put on something green, grab your friends from your apartment in Charleston, SC and head out on the town.
In Charleston you don't have to be Irish to know how to party on St. Patty's Day. Grab your lucky green outfits and get your bellies ready for some traditional St. Patty’s day meals and beverages at Charleston's Irish Bars.
Across the Charleston area, restaurants and bars will be plenty festive on St. Patrick's Day, offering all kinds of green beer, beads, Guinness, Irish car bombs, Jameson's Irish Whisky, live music, and traditional Irish food.
Here is a quick list of the Irish pubs, bars, and taverns in Charleston who will be rockin' it out for St. Patty's Day. Mad River Bar & Grille
32B North Market Street
Charleston, SC 29403
843.723.0032
9am - 1pm - Kegs n Eggs - 1st 100 people will get a free Mad River St. Patty's t-shirt. Drink Specials include; $2.50 Green Beer, $4 Bud Light Aluminum Bottles, and $5 Fireballs Shots! LIVE MUSIC ALL DAY
Corned Beef & Cabbage Special All day - Drink Specials include; $2.50 Green Beer, $4 Bud Light Aluminum Bottles, and $5 Car Bombs! LIVE MUSIC ALL DAY
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In the American mind, renting has long symbolized striving rather than achieving. But as we climb our way out of the Great Recession, it seems something has changed. Americans are getting over the idea of owning the American dream; increasingly, they're OK with renting it. 
For those who live in an 
Low mortgage rates and more affordable home prices in the 
If you live in an 
The Charleston International Film Festival has begun and it runs all weekend long. This is just another great reason to live in an 
Take a look at the event schedule:
Living in an 
You have probably heard by now that gas prices will only be going up and as we approach summer they may be as high as $5.00/gallon! If you live in an 
