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 home ownership 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 the Richmond area) 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."
Tomorrow, Tuesday, April 10th join us at the pond at 11:00 for Catch and Release Fishing Day at The Gardens! You must bring your own fishing pole and tackle. We will supply worms and hot dogs. Parents, please come with your kids to help them. All fish must be released back into the pond.
This fishing day is just one day only, there is no fishing permitted in our pond at any other time, so come and enjoy the fun, learn to fish or share your expertise!
Virginia is wine country, and if you like wine and a good time, there is an event made just for you. Are you looking for something exciting and different to do this weekend? If you live in an apartment in Glen Allen, then you live in the perfect location to enjoy the Virginia Wine Expo. The Virginia Wine Expo is in its fifth year and is Virginia's premier wine event exclusively featuring Virginia wine.
Save the date, February 24-26 at the Greater ichmond Convention Center.
Featuring hundreds of bottles of fine Virginia wine from more than 70 Virginia wineries, as well as specialty food, gourmet luncheons, and wine and food pairing seminars, the Virginia Wine Expo offers the best opportunity all year to learn about, taste and buy Virginia wine.
Make your plans, see the wine expo schedule.
Friday, Feb. 24
12:00 - 2:00 p.m. - Virginia Wine Lovers’ Luncheon @ Acacia Mid-Town presented by Richmond magazine - NEW!
4:00 - 6:30 p.m. - Prelude to the Expo Soiree @ Bistro 27 presented by Richmond magazine - NEW!
5:30 - 10:00 p.m. - Walk-Around Grand Tasting presented by Mercedes-Benz - NEW!
9:00 - 1:00 a.m. - After Hours @ T. Miller’s - NEW!
Saturday, Feb. 25
12:00 - 2:00 p.m. - Late Winter Harvest Luncheon @ Lemaire presented by Richmond magazine - NEW!
12:00 - 8:00 p.m. - Walk-Around Grand Tasting presented by Mercedes-Benz
5:30 - 8:30 p.m. - VA Wine & Hors d' oeuvres Reception @ The Tobacco Company Restaurant - NEW!
1:00 - 2:00 p.m. - SEMINAR: Fresh Southern Favorites & Virginia Wine
2:00 - 3:30 p.m. - SEMINAR: Your 'Pleasure' Senses and Professional Wine Tasting Techniques
3:00 - 4:00 p.m. - SEMINAR: Why Virginia? The State of Virginia Wine
4:00 - 5:00 a.m. - SEMINAR: Modern Charcuterie & Virginia Wines
8:00 - 1:00 a.m. - After Hours @ T. Miller’s - NEW!
Sunday, Feb. 26
11:30 - 2:00 p.m. - Virginia Wine + Brunch @ Selba presented by Richmond magazine - NEW!
12:00 - 5:00 p.m. - Walk-Around Grand Tasting presented by Mercedes-Benz
The tech industry is a quickly expanding part of the economy in Richmond, VA with is already a city experiencing growth. Our great city is experiencing a growth spurt which is bringing in the professional class.
Relocating to Virginia? With everything else you need to think about, consider renting an apartment in Glen Allen, VA, a Richmond community.
Your daily commute is something you absolutely need to consider so location is a primary concern. The amount of time you spend on the road and your quality of life, the amount of time you can spend at home, is becoming more and more important. If you are looking to move to the Richmond area, it is important to find a home close to work, recreation, dining and hopping. For these reasons, consider The Gardens at Twin Hickory.
The Gardens at Twin Hickoryis a luxurious apartment community in Glen Allen, VA. The Gardens offer residents many community amenities as well as proximity to Richmond. Richmond is an excellent city for professionals who want to live where they work; contact The Gardens at Twin Hickory.
In today's real estate market it's not surprising if people are a bit gun shy about buyinga home. Some questions that potential homeowners are considering:
What if I can't afford my mortgage in the future?
What if my home loses so much value that I eventually owe more than it's worth?
What if I have to move in a few years and can't sell my home?
If you've ever asked yourself these questions about home ownership, it could be time for you to look into renting versus buying a home. Believe it or not, sometimes it makes more sense to rent anapartment in Glen Allen, VA rather than own. Here are 3 tips to help you figure out which option—renting or buying—makes the most sense for you.
Evaluate whether you have a steady income to support paying a mortgage.
Make a time line of how long you plan to stay put. If you anticipate staying in a home for only one or two years, it is unlikely that you will see a significant financial return on your investment.
Crunch the numbers before making your decision. When buying a home, you have to take into consideration your mortgage payments as well as real estate taxes, insurance payments, and the maintenance costs. With renting a home, calculating month-to-month housing expenses is as easy as inquiring about the monthly rent and average utilities.
Perhaps you are relocating to the Richmond area and you have just started the search for a home. Regardless of where you are in your home search, consider some questions before you decide between renting and owning a home. Buying a home is a big commitment both financial and otherwise, so take the time to weigh pros and cons.
Here are a few questions you should ask yourself:
Will I own it for at least five years?
The first and most important question you should ask yourself before you consider buying a home is whether you will own it for a long time. People buy homes to increase wealth and five years, maybe even more today, is about the break-even point for earning appreciation in value. If you don’t plan on holding the property for longer than five or more years, don’t buy it! Renting a home is NOT necessarily throwing money away. Buying and selling quickly will usually leave you worse off financially.
Can I afford it?
It is more expensive to own a home than you think. Even if the mortgage lender qualifies you for the loan amount, you need to make sure YOU can afford it. Lenders don’t take into account home maintenance costs, child care expenses, health care expenses, expensive lifestyles and habits, etc. So make sure that you can comfortably afford your housing payment, still pay your other bills, and still save at least a little more for retirement. Also, if you are not sure of your continued employment situation, don’t buy a home.
Do I know about the neighborhood?
Did you do adequate research, look at enough properties, and learn the neighborhoods. If you just moved into town or if you don’t know the area, rent an apartment in Glen Allen for a while and get to know the city.
For information on The Gardens at Twin Hickory in Glen Allen, VA, contact us.
"Get rich from renting". That’s what smart money columnist advises. Forget the conventional wisdom about renting. It turns out that renting is one of the smartest investments you can make.
In fact when economists run the numbers they find that renters save an average of $560 every month just by choosing to rent over buying a house.
And don't worry about losing out on the investment potential of a house. Renting allows you to use your "down payment money" for other investments, which provide a higher return than real estate, even in a booming housing market.
As a case in point, a $100 investment in housing in 1985 would be worth $293 today, while that same $100 placed in stocks would be worth $1146 - nearly four times as much.
When you add up all of the potential liabilities of home ownership - hidden maintenance and insurance costs, rising property taxes and potential price drops - renting is a smarter choice from the start.
If you put up Christmas decorations, you love them, but taking them down is another story. But this week is often the time that we try to turn our apartments in Glen Allen, VA are turned back to normal.
So you may be taking down your tree this week or next, but do you know what you are going to do with it?
There are plenty of opportunities in the Richmond area to recycle your Christmas tree, although it is up to you to deliver them to the recycling location. At The Gardens at Twin Hickory we recommend wrapping your tree in a blanket or a tarp before putting that tree in your car. Just look at the pine needles in your apartment and you’ll know why.
Did you know that there are approximately 28 million real Christmas trees sold in the US every year? About 93% of those trees are recycled because real trees are a renewable, recyclable resource.
In the Richmond area the recycled trees will be ground into mulch. This is just another way to recycle and go green.
Be sure to remove all tinsel, bulbs, and lights from the tree.
On Saturday, January 15, the city of Richmond will hold its second Christmas tree recycling program called “Bring One for the Chipper 2010.” You are invited to recycle their Christmas trees by having the city chip them into mulch for use in landscaping. The event will take place at the Parker Field Annex, 1710 Robin Hood Road, across from the Arthur Ashe Center, from 9 a.m. to 2 p.m. on January 15. Also, Christmas trees can be dropped off from December 26 through January 14 at the East Richmond Road Convenience Center, 3800 East Richmond Road and the Richmond Southside Transfer Station, 3520 N. Hopkins Road.
The housing market is stagnating right now and real estate brokers would have potential buyers believe that there is no better time than the present to buy a home. It is true, prices are down and mortgage rates are at all-time lows.
Unfortunately for the real estate brokers, many clients are not persuaded by that logic. Instead, in increasing numbers, they are choosing to rent instead of buy — unconvinced that the housing market has yet hit bottom. Would be buyers also understand that unless you plan to stay in your home for more than 10 years, buying a home may not be the right investment for everyone.
With apartments in Glen Allen, VA, located near downtown Richmond, offering apartment amenities that can’t be found in homes, renting is a great option for many. There is also a broad mix of tenants at The Gardens Apartment homes: young single residents and families and empty-nesters that no longer have homeownership on their wish list.
The holidays are an excellent excuse to break out special bottles of wine. Traditional holiday meals are very wine-friendly. Root vegetables, casseroles, roast and poultry, even chocolate chips can go well with wine. If you are hosting a holiday party in your apartment in Glen Allen, VAjoin us in a wine tasting, so you know which wine is the perfect choice for your special meal this holiday season.
The Gardens at Twin Hickory would like to invite you to a Wine Tasting on December 7 from 6:30-7:30 p.m. There are 20 available seats for this fun, social and informative event. Please RSVP no later than November 30 to be part of this fun evening.
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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. 
Tomorrow, Tuesday, April 10th join us at the pond at 11:00 for Catch and Release Fishing Day at 
Virginia is wine country, and if you like wine and a good time, there is an event made just for you. Are you looking for something exciting and different to do this weekend? If you live in an 
Perhaps you are 
So you may be taking down your tree this week or next, but do you know what you are going to do with it?
The housing market is stagnating right now and real estate brokers would have potential buyers believe that there is no better time than the present to buy a home. It is true, prices are down and mortgage rates are at all-time lows.
The holidays are an excellent excuse to break out special bottles of wine. Traditional holiday meals are very wine-friendly. Root vegetables, casseroles, roast and poultry, even chocolate chips can go well with wine. If you are hosting a holiday party in your 
