June 15, 2012

Most Americans Should Be Renters And Not Owners

I have absolutely no objection to the idea that a healthy rental housing market is needed. However, I believe that market forces are sufficient by themselves to create it.

The average American family now only has $7,000 worth of savings, which would not be nearly enough to afford a 20 percent down payment on the average American house. This means that most Americans should be renters and not owners. - excerpt from What Is Money?

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.