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THE AMERICAN DREAM OF HOMEOWNERSHIP IS OVERRATED.

You Never Really Own Your Home

Today, on the Dennis Michael Lynch Podcast, we spoke about the stress of being an American. Yes, we have our freedoms, but the stress of money is never ending. It is so expensive to be a citizen of the U.S., making the American Dream an illusion for too many people. Having spoke about this on the podcast, I sat down for lunch with my wife, Mary, and discussed all of our expenses. We both agreed that it costs us way too much money to own our home. Thus, I suggested the possibility of selling our house when the market gets hot — and then we’d find a house to rent. She looked at me like I was nuts.

Am I nuts?
The American Dream dangles homeownership as the ultimate symbol of freedom, stability, and success. But let’s strip away the illusion: you never truly own your home. If you’re tethered to a mortgage, the bank holds the reins—miss a payment, and they’ll foreclose. Paid it off? Don’t exhale yet—the state looms, ready to seize your property if you can’t pay your taxes. Homeownership is a myth sold to keep you in debt, and so renting might just be the smarter, more liberating choice.

The numbers expose the harsh reality. 
In 2023, approximately 357,000 U.S. homes entered foreclosure, a 0.26% rate that translates to thousands of families displaced, according to ATTOM Data Solutions. By Q4 2024, mortgage delinquency rates climbed to 3.98%, per the Mortgage Bankers Association, meaning nearly 4% of homeowners were teetering on the edge. Property tax foreclosures add another layer of risk. In high-tax states like New Jersey and Illinois, with effective rates above 2%, thousands lose homes annually to tax liens. Cook County, Illinois, saw over 20,000 properties hit tax sales in 2023 for unpaid taxes. These aren’t just statistics—they’re lives upended because the bank or government demanded what they couldn’t pay.

When you buy a house, you tie up a ton of money with the down payment. And then you take out a mortgage, which means the bank owns your home. You’re essentially renting it, with interest payments—often 50% or more of early installments—eating your income while you pray for job security. Even if you pay off the loan, property taxes are a lifelong burden. Bankrate reports that homeownership costs, including taxes, insurance, and maintenance, surged 26% from 2020 to 2024, averaging $18,000 annually. Fail to pay taxes, and the state can auction your home, regardless of your “ownership” tenure. In 2025, with inflation and potential tariffs driving up costs, these pressures will only tighten.

The Real Cost of a Home
Consider a $500,000 Florida home purchased in 2025 with a 30-year mortgage at 5.5% interest and zero down payment, meaning a $500,000 loan is required. The monthly principal and interest payment is $2,839.65, totaling $1,022,274 over 30 years. Of that, $522,274 is interest alone. Florida’s effective property tax rate is 0.89%, yielding an initial annual tax bill of $4,450. Assuming a 2% annual tax increase, property taxes total $183,135 over 30 years. Combined, mortgage interest and taxes cost $705,409—over 40% more than the home’s purchase price. This excludes insurance ($5,000-$10,000/year), maintenance (1-2% of home value annually), or HOA fees, which could easily add $250,000 over three decades. That’s nearly $1 million in additional costs for a “$500,000” home, with no guarantee you’ll keep it.

Beyond finances, homeownership carries emotional weight. 
The fear of missing a payment, the endless maintenance, the inability to relocate easily for better opportunities—all chain you to a single spot. A 2024 Redfin survey found 18% of homeowners felt “trapped” by their homes, citing financial and logistical burdens. In contrast, renting offers freedom. You pay for shelter without the ownership facade, dodging property taxes, repairs, and foreclosure risks. If life throws a curveball—job loss, medical bills—you can move without losing your savings. In 2024, renting a single-family home cost $2,236 monthly, versus $3,800 for owning, per Bankrate—a 30% savings. That extra cash can fund investments, retirement, or experiences, not just a bank’s profits or a county’s coffers.

Renting also provides flexibility. 
Want to chase a job in a new city? Break a lease and go. No need to sell a house in a shaky market or pay realtor fees. Renters aren’t tied to an asset that can easily decrease based on market trends —Zillow notes that home values in some Florida markets dropped 5% in 2024. And with no maintenance or tax headaches, renters can focus on living, not surviving.

There’s no place like home.
Not everything is about money, I get it. Renting a house will never feel as nice as the illusion of “owning” a home. Plus, there is a chance of the lease running out with no option for renewal. Thus, you are forever on the move — not fun. But when you look at the entire picture, renting is the better investment if the ROI includes reducing stress.

The homeownership myth seduces people into debt and anxiety, promising a freedom that banks and governments can snatch away. Renting isn’t surrender—it’s strategic. It’s choosing liquidity over liability, mobility over stagnation. In a world where the bank and the state hold the real keys, why pour your life into a dream that’s never truly yours? It is a question I am seriously asking myself.

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REMINDERS & NOTICES…

1. The DML Health Newsletter launched last week, if you did not receive it, go to DMLHealth.com and enter your email.
   

2. Dennis Michael Lynch Podcast: 10am ET. Watch on X, FB, Rumble or TeamDML. Listen on Apple or Spotify.
   
   NOTICE:
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Have a great rest of your day.
Your Friend,
DML

_{DISCLAIMERS: This newsletter is for fun purposes only. I share my opinions. And I am not a doctor or a stock professional, so contact your doctor and financial planner for advice on that kind of stuff. You can unsubscribe at any time by clicking the unsubscribe button below. Links provided may result in you visiting a website that generates income for TeamDML Inc. My wife thanks you for reading my newsletter, writing it keeps me out of her way. Copyright 2025 TeamDML Inc.}