Seattle Bubble

Here’s an insightful headline from The Olympian: Renting may be better for first-time buyers. Yes, that’s “may be better.” Heh.

Is it better to rent than to own, particularly as the median price of a home in Thurston County keeps climbing and now approaches $250,000?

Renting offers the advantage of flexibility and a landlord who will take care of repairs; home ownership brings the reward of increased equity and a tax write-off.

But as the difference between the average cost to rent and a typical mortgage payment widens, some experts say renting could be a better option for prospective first-time buyers.
…
Taylor, a former Ohio resident who lived in Tacoma for four years and has spent a year in Olympia, describes the prospect of West Coast property ownership as “nightmarish.”

Property values are “grossly inflated,” homeowners’ insurance has become more expensive, and lots are getting smaller, he said.

“I wouldn’t be able to sneeze without offending my neighbor,” said Taylor, 38, who works as a shipping and receiving clerk for Office Depot in Kent.

You don’t say.

(Rolf Boone, The Olympian, 02.19.2006)