Video was shot and produced by Ocean State Video in 2011 for the Providence Warwick Convention & Visitors Bureau. All rights reserved.
In an article on YahooFinance.com, economist Karl Case, co-founder of the S&P/Case-Shiller index, boldly stated that the “American dream is just gone.”
What justifies his statement? Even though home prices are becoming more affordable and 30-year fixed mortgage rates are under 4 percent, Case says that more people are renting rather than buying, resulting in an owner occupancy rate at an all time low. According to Case, “we’ve added seven million households in the last seven years and six million of those are rentals.” Long gone are the days of white picket fences and golden retrievers on the front lawn. Right?
Not quite so, according to a recent poll of 1,000 to 2,000 surveyors conducted by FTI Strategic Communications. Many still believe that owning a home is part of the American dream. According to the poll cited on Realtormag.com, 62 percent of surveyors believe that the market will improve within the next year.
Since the housing bubble burst, many Americans remain optimistic even though recent trends show otherwise. And where does this optimism derive from? This survey reports that 60 percent believe that they still hold a firm grip over their financial fate. In other words, the road to achieving the American dream remains the same as ever before-work hard and be financially savvy with your investments.
But is it that simple? Does this formula still hold true?
Boston.com reports that Federal officials hosted a local public meeting to discuss plans for passenger rail investments, on the project titled the Northeast Corridor FUTURE. The last meeting on Wednesday, August 22nd, was part of a series held for the public to discuss alternatives for those living along the railways, according to The Federal Railroad Administration.
Several were held in Massachusetts and Connecticut as well as part of a larger series of future railways plans. This ambitious redevelopment plan from New York and Boston will carry on through 2040, and the segment between New York and Washington, will be completed by 2030. The total cost of this project is estimated at $151 billion.
Approximately 2.7 miles of the Coventry Greenway path will be closed for a rebuilding project worth $2.6 million, according to Boston.com.
So what does this mean for bicyclists, dog walkers and outdoor yoga enthusiasts? Construction will be begin on August 20th and will remain closed until Summer 2013. A press release by RI.gov announces that the Rhode Island Department of Transportation will be “closed from Station Street to the area of Town Farm Road, where the path transitions to an undeveloped trail.”
This new project involves an equestrian trail to be constructed to run parallel to the path, beginning on Route 117/Flat River Road, where the path crosses. At the beginning of the equestrian trail, a new parking lot will be constructed with space for horse trailers as well. A new trail will also be constructed to connect the Coventry Greenway path to the Coventry Town Hall and public library.
For more information, please visit RI.gov and contact RIDOT’s Customer Service office at 401-222-2450 weekdays from 7:30 a.m. to 4 p.m. Additional information will be available on RIDOT’s Twitter and Facebook sites.
Contrary to media reports suggesting that renting is more financially beneficial than home ownership, a new study by Zillow proves otherwise. The costs of homeownership may “break even” in about three years or less, making it more of a lucrative investment than renting. Zillow’s new study factors in more than three-fourths of 200 metro areas nationwide.
Initial obligations that often deters potential home buyers, such as: down payments, closing costs, and property taxes, are becoming more of a money saver than the cost of long term renting. Over the past year, the cost of renting has risen more than five percent, says Stan Humphries, Zillow’s chief economist. Even more so, Zillow reports that some markets have better luck than others in terms of breaking even. In Miami, for instance, the rising costs of city living allows home owners to break even after 1.6 years.
For those debating between renting or buying, factors such as falling home prices and record low mortgage rates make homeownership to be the advantageous investment.