Five myths about homeownership

Joseph Gyourko, chairman of the real estate department and the director of the Zell/Lurie Real Estate Center at the University of Pennsylvania's Wharton School, lists five myths about home ownership:

1. Housing is a great long-term investment.
2. The homebuyer tax credit makes buying a house more affordable.
3. Homeownership is good for society because owners make better citizens.
4. It's safe to buy a house with a very low down payment.
5. Owning a home is cheaper than renting one because you save on rent.

For his explanation of why they are myths, click here. I don't necessarily agree with all of his conclusions.