by Mark Morford

Created on: December 17, 2008   Last Updated: October 23, 2009

Why buy a house?

Behold, one of the biggest myths of the American Dream

Amid the assault of economic horror stories of late - entire towns collapsing, 750-home megadevelopments sitting vacant, the most severe downturn in new-home construction in four billion years, Marc Jacobs forced to cancel both the gold-dipped male strippers and his entire Christmas party - I happened across a fascinating tidbit of blasphemous wisdom from an economist whose name I forget and whose article vanished into my brainpan almost instantly, but who dared to reiterate a grand and forbidden truth.

It's this: Owning your own home is, for the most part, just a little bit insane.

Wait, no, that's not exactly right. His comment was more along the lines of: The hard fact is, at any given time, no more than about 50 percent of the American population should own their own homes, at the very most. Everyone else should rent. Or live in a van.

It just makes more sense. He argued that any more than 50 percent ownership - the current rate is about 85 percent for married couples with kids and 70 percent for everyone overall - is fiscally irrational, actually does more harm than good to the economy, and that millions of Americans who own right now would've been far better off never buying at all (and not merely because all the foreclosures and lending debacles).

Could it be true? That maybe a large part of our current housing woes are at least somewhat attributable to this borderline pathological need so many of us have to go into massive debt for the majority of our adult lives, just so you can have your own little box to destroy or rearrange or paint any color you want, so long as it's beige or gray or creamy eggshell white? Could be, could be.

Just before lightning struck him dead on the spot for daring to question one of the Great American Commandments, the economist concluded that that maybe this housing meltdown will, among other upheavals, teach millions of Americans a radical new truth: that buying a house is no more a prerequisite to achieving the American Dream than is, say, opening your own steakhouse or marrying a porn star or hoarding piles of stock in GM.

Actually, as a lifetime city dweller/renter myself, I've heard it for years; renting is often better than buying. That when you sit down and crunch the numbers and factor in all the taxes and dues and interest rates, maintenance fees and termites and cracked foundations and busted appliances and the cost of that new sewage line, well, owning

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