some have been advocating that the government stop subsidizing home ownership, arguing that it locks people to a place, and when the economy goes sour people need the flexibility to go where the jobs are. I would say that we need to take it farther and that, in addition to allowing the unemployed to move to work, encourage the employed to move closer to work.
With links to related articles from The Atlantic, NPR, and other outlets, David's post's a very thought-provoking read. The comment stream on his post’s interesting too; I especially enjoyed reading Emily’s two cents:
Now back to the issue of rent being a “waste” of money. How is it a waste to exchange money for the right to live somewhere? My rent is reasonable, and renting enables me to live in a city center, near my job, great restaurants, public transportation, etc. That’s all value added for me, since purchasing a home right now would mean moving to the suburbs, driving more, and seeing my community of friends less. Add in the money I save by renting (and sharing my apartment with a friend), and I don’t feel like I’ve wasted anything. That extra money is used for my retirement fund, vacations, entertainment, etc. So renting helps increase my long-term financial stability while also increasing my quality of life.