Always Look on the Bright Side of Life

Is Renting Better Than Owning?
I take exception to one line in Zachary Karabell's otherwise well-crafted article ("End of the 'Ownership Society'," Oct. 20). He says, "We all bear some burden for the current morass." For years I chose to live in a ratty, drafty rental unit in Santa Ana, Calif., rather than, as I could have easily done, buy a $750,000 Newport Beach house through a zero-down sub-prime mortgage, perfectly aware that in a few years I wouldn't be able to make the payments and would just walk away. There are likely millions of Americans who took the high road and whose reward now appears to be the privilege of bailing out those who took the other path, all while the government's bailout plan continues to artificially prop up home prices beyond their reach. For those of us truly getting the shaft in this whole deal, please don't add insult to fleecing by suggesting we are also responsible for this debacle.
Phil Loubere
Murfreesboro, Tenn.

In "The Trouble with Homeownership" (Oct. 20), Robert Shiller suggests that instead of buying a home, a better strategy would be to diversify and "put your money into stocks, bonds … and then use the income to rent." Now, there's a brilliant idea. Anyone following that strategy in the last year would not have enough money left to rent a closet. Owning a home is the closest thing there is to a recession-proof investment. If you don't intend to move and your interest rate is fixed, you're pretty much unaffected by fluctuations in real-estate values or the stock market. And homeowners paint, landscape, fix the roof, sweep the sidewalk. Most renters don't bother with upkeep any more than someone who rents a car checks the tire pressure or changes the oil.
Rose Cohen
Woodland Hills, Calif.

Last Call at the British Pub
George Orwell saw it coming. In 1943 he predicted with regret that the rising price of beer due to excessive taxation and the public's preference for the "solitary, mechanical" pleasures of radio and the cinema would steadily erode the popularity of pub life ("Hoist One Last Glass," Oct. 20). Today we can add TV, the Internet, smoking bans and stiff DUI penalties that can cost offenders their licenses. With no designated driver, people are reluctant to drive out for a drink, which is bad for village pubs dependent on drop-ins from neighboring towns. There's no better place to soak up culture than the pub, but it's no wonder many Brits are now choosing to do their drinking at home. Cheers!
Frederick Stokeld
Arlington, Va.

© 2008