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 homeownership 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, renting has 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 Roanoke) 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."
Time is quickly approaching for Relay for Life in June. Pebble Creek, apartments in Roanoke, VA, is excited to be participating in Relay For Life this year! We want to make a difference by teaming up to participate in the American Cancer Society Relay for Life. There are so many ways that you can help us reach our team goal.
We have raised almost $705 so far, and our goal is $1500. There are so many ways you can help, so don’t forget to donate to this wonderful cause. We need everyone’s help.
Our team will camp out overnight and take turns walking around the track to raise both money and awareness to help the American Cancer Society find a cure. At Pebble Creek Apartments we will be hosting events, selling Luminaries’, footsteps and suns. Click 'HHHunt Relay for life' for the link to easily donate from the comforts of your apartment home or come to our office!
Low mortgage rates and more affordable home prices in the Roanoke Valley 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 Roanoke, VA. 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 home ownership 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 Pebble Creek Apartment Homes.
As home values fell again in 2011, more and more people are looking to renting as an affordable, flexible option. In response to this news, Apartments.com conducted a national survey to more than 3,000 of its January website visitors to find out the reasons they are moving and why they are renting versus owning.
Supporting a growing trend, 33.6% of respondents looking for an apartment this year said they are previous homeowners (up from 20.5 percent in 2011). Respondents who said they are homeowners looking to rent, 26.3% are doing so because they believe renting is a more affordable option and 21.2% prefer the flexibility renting offers in choosing where to live. Apartments.com provides the five most popular responses why their website visitors are choosing to rent versus own in 2012:
Renting is a more affordable option: (26.3%)
Flexibility to live where I choose: (21.2%)
To relocate for employment: (20.5%)
Cannot afford to keep up with homeownership expenses: (10.5%)
Lost home due to foreclosure and change in marital status: (less than 4% each)
"It's more important than ever for apartment seekers to be informed and savvy shoppers by utilizing all the online resources available to search for apartments within their budget," says Chris Brown, VP of product management, Apartments.com.
More than 35% of respondents said they are moving out on their own, which may be a sign of an improving economy and job market, especially in the rental demographic.
The number one reason for moving in 2012 is for relocation for a job opportunity. However, the desire to have more space, to save money and to live in a more desirable neighborhood also topped the list.
Living in an apartment in Roanoke, you know what a special community this is. Support your local community and local economy by shopping locally. Why should you shop local? Because it promotes the small businesses in our community and helps keep money in our local economy. Did you know that locally owned businesses keep more of their revenue in the local economy than big box stores? Additionally, supporting small businesses in Roanoke supports local jobs. When you buy local you help Roanoke thrive and keeps business in our downtown.
Buy small items, gifts or make larger purchases in locally owned stores. You will get more customer service and better store policies when you shop local too.
The heartbeat of Roanoke is the local businesses that are run by entrepreneurs. Our country thrives off of small businesses. As a nation, small businesses fuel our economic prosperity.
In the office of Pebble Creek Apartment Homes we have American Cancer Society “scratch n’ give” tickets from April 4 to April 16, 2012. Residents of our apartments in Roanoke, VA can come in and scratch a spot off a ticket and DONATE the amount shown where they scratched off.
If you choose to participate in this donation program for American Cancer Society, each spot scratched on the ticket (and donation along with the amount scratched) will enter you into a drawing to win a WalMart gift card for $25.
Each scratch-off spot’s value is $1, $5, $10, $20, or $25. Drawing will be held on April 17, 2012.
Play to give – simply scratch out one or more spots and donate that amount! The more you scratch the more you give while helping the American Cancer Society save more lives. When the card is clear we will be $250 closer to a cure.
Today, April 2 at 6 p.m. until April 3 at 9 a.m., Pebble Creek, apartments in Roanoke, VAwill be lighting up our office BLUE to raise awareness of Autism. Abnormal biology and chemistry in the brain are linked to Autism, a physical condition. While this is a very active area of research, no one is quite sure of the causes of this disease. There is speculation that genetic factors play a part in Autism as well as diet, vaccine sensitivity and the body’s inability to use vitamins and minerals.
The exact amount of children affected by Autism is unclear, but they do know that it affects boys 3 to 4 times more than it affects girls. Help Pebble Creek show support for Autism.
Want to win ‘lease free living’ from an HHHuntapartment community in Roanoke, VA? Plus furniture, food, phone, cable, and internet all free for a year? Be part of the K92 Reality Show.
K92 is locking 6 strangers in aPebble Creek apartment homefor 7 days with no communication with family, friends or the world.
The entire apartment will be wired with microphones and video cameras which can be seen on the Internet 24 hours a day.
Contestants will be voted off by their peers ...until only 2 remain.
Apartment fully furnished by Virginia Furniture Market. The Winner get to keep all the furniture, $7,000 WORTH!!!
Cable TV and Internet Service for 12 months from Cox Communications
New TV courtesy of Fox 21/27
$100.00 Kroger gift card each month for one year.
Free phone and phone service for 12 months
The Contest requires contestants to stay in the apartment April 13th through April 20th 2012, and to be audio/video recorded for dissemination on the Internet and on air. Contestants cannot leave for work, school, or family reasons in order to remain eligible to win the prize. They must be willing and able to stay in the apartment up to 24 hours a day for the specified days along with up to five (5) other contestants and have their voices and images recorded and broadcasted on air and/or posted on the Internet.
Applications must be submitted by Thursday April 12, at 9:00 a.m. and while it is not required, it is strongly encouraged that the applicants attach a creative youtube video of themselves with their application.
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 Roanoke, VA and you like to drive around the Virginia countryside 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?
Don’t neglect 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.
Celtic Crossroads is “The most exhilarating and authentic show from Ireland in decades…” and it kicks off the 2012RoanokeSt. Patrick’s Day Celebration. As residents of apartments in Roanoke, VA, don’t miss this fantastic, authentic and fun St. Patrick’s Day event.
The young and talented Irish lads and lasses of Celtic Crossroads made their Roanoke debut last year, and the audience had a blast! This year they are back with their newly updated World Fusion Tour show which adds an additional dancer and new twists.
The show kicks off this year’s Roanoke St. Patrick’s Day Celebration and is scheduled for Friday March 16, 2012 at 8:00pm at Jefferson Center’s beautiful Shaftman Hall.
Want to see what's in store? See the video below, and...Happy St. Patrick’s Day from Pebble Creek Apartment Homes.
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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. 
Time is quickly approaching for 
Low mortgage rates and more affordable home prices in the 
As home values fell again in 2011, more and more people are looking to renting as an affordable, flexible option. In response to this news, Apartments.com conducted a national survey to more than 3,000 of its January website visitors to find out the reasons they are moving and why they are 
Living in an 
In the office of 
Want to win ‘lease free living’ from an HHHunt apartment community in Roanoke, VA? Plus furniture, food, phone, cable, and internet all free for a year? Be part of the 
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 
