The (Surprising) Case for Renting

Who needs a Mortgage?

MARK RICHARDS FOR TIME

AGAINST THE GRAIN: In Sacramento, Calif., house prices have soared so fast that even though they could afford to buy, Michael and Cindy Choe, with son Jason, choose to rent

Michael Choe believes in homeownership. He bought his first place fresh out of college. Yet these days he's doing something he never thought he would do again: renting. With a new baby, Choe, 39, and his wife badly wanted to buy a larger house. But, says Choe, "the market has gone too high too fast. Compared to owning, rent is cheap."

Is he serious? Choose to rent when owning seems a sure way to riches? On closer view, he just may be on to something. The Choes sold their tiny ranch in Sacramento, Calif., for $369,000, or nearly twice what they...

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