Owning home no bed of roses
With fewer New Zealanders buying houses, Rob Stock looks at the pros and cons of purchasing your own place.
Thursday, December 2nd 2004, 2:46PM
by The Landlord
A lifetime lived in someone else's house is the future for many New Zealanders whose forbears would have seen property ownership as a right.
Back in 1986, 73 per cent of people owned outright, or had a mortgage on a home. That's now dropped to 67 per cent, according to Massey University.
A projection by Housing New Zealand maintains that could fall to around 62 per cent by 2011.
But for those on the wrong side of the 15-year slide in home affordability, is it possible to live a prosperous life without ever owning a property?
In Europe, the answer would seem to be yes, where, if you exclude Britain, life-long renting is seen as a credible lifestyle choice.
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