July, 27 2009, 09:43am EDT

For Immediate Release
Contact:
Alan Barber, (202) 293-5380 x 115
Costs of Renting Still Considerably Cheaper Than Ownership
Right to Rent legislation would slow the soaring rate of foreclosures.
WASHINGTON
Though Congress leaves for its August recess this week, one of the
items sure to be on the agenda when it returns is how to deal with the
continuing collapse of the nation's housing market. A new study
from the Center for Economic and Policy Research (CEPR) examining
housing costs shows that market rents are far below ownership costs in
many parts of the nation.
The paper, "The Gains from Right to Rent,"
analyzes the costs of renting versus owning a house in several major
cities and finds that the Fair Market Rents in these metropolitan areas
is often much lower than the cost of ownership.
"Ordinarily,
the gap between owning and renting is not that large," said Dean Baker,
Co-Director of CEPR and an author of the report. "Due to the enormous
run-up in house prices over the housing bubble years, however,
ownership costs now vastly exceed rental costs in many of the bubble
markets and homeowners in these markets have much to gain from having
the opportunity to remain in a home as a renter following a
foreclosure."
The report
looks at the costs of renting and owning before and after taxes in 16
metropolitan statistical areas (MSAs) and details substantial savings
gained from renting across all scenarios depicted. The various
scenarios consider the costs of mortgage payments, property taxes,
insurance and maintenance costs, and mortgage deductions. An appendix
is included that compares ownership and rental costs across 100 MSAs as
well.
Under Right to Rent legislation,
Congress would temporarily alter foreclosure laws to let foreclosed
homeowners remain in their homes as renters for a substantial period of
time. This would save families from being kicked out of their homes and
would go far to stop the blight of foreclosures affecting many of our
communities. This plan requires no taxpayer dollars and no new
bureaucracy to implement.
"The loan modification plans put forth
so far aren't working," continued Baker. "They are unlikely to benefit
more than ten percent of homeowners facing foreclosure and are slow to
go into effect. Right to Rent, on the other hand, would benefit millions and could go into effect immediately."
The full report on homeownership and rental costs can be found here. More details on the Right to Rent plan can be found here.
The Center for Economic and Policy Research (CEPR) was established in 1999 to promote democratic debate on the most important economic and social issues that affect people's lives. In order for citizens to effectively exercise their voices in a democracy, they should be informed about the problems and choices that they face. CEPR is committed to presenting issues in an accurate and understandable manner, so that the public is better prepared to choose among the various policy options.
(202) 293-5380LATEST NEWS
Stateless Palestinian Woman Details 'Very Traumatizing' Abuse Suffered in ICE Detention
Trump administration immigration officials reportedly dismissed Ward Sakeik's ordeal as a "sob story."
Jul 06, 2025
A newlywed Palestinian woman from Texas released from U.S. Immigration and Customs Enforcement detention earlier this week says she was shackled for long periods, denied food and water, and subjected to other human rights abuses during nearly five months in ICE custody—all because she is a stateless person.
Ward Sakeik, 22, was born in Saudi Arabia to Palestinian parents from Gaza. Because Saudi Arabia does not grant birthright citizenship to the children of foreign nationals, Sakeik was officially stateless when her family legally emigrated to the United States when she was 8 years old.
“I was moved around like cattle.”
Ward Sakeik, US college graduate and homeowner, speaks out following 140 days in ICE hellhole pic.twitter.com/bNTgs7362h
— World Socialist Web Site (@WSWS_Updates) July 5, 2025
Sakeik's parents subsequently applied for—and were denied—asylum in the U.S. but were allowed to remain legally in the country pending routine check-ins with ICE.
After graduating high school and the University of Texas, Arlington, starting a wedding photography business, marrying a U.S. citizen, and beginning the process of obtaining a green card, Sakeik and her husband went on their honeymoon in the U.S. Virgin Islands. She was detained shortly after arriving back in the United States after Customs and Border Protection agents flagged her for flying over international waters—a move that Department of Homeland Security officials said violated immigration policy.
"After a few hours from returning from our honeymoon, I was put in a gray tracksuit and shackles," Sakeik said at a press conference following her release. "I was handcuffed for 16 hours without any water or food on the bus. I have moved around like cattle. And the U.S. government attempted to dump me in a part of the world where I don't know where I'm going and what I'm doing or anything."
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Sakeik said unhygienic conditions at the Prairieland Detention Center in Alvarado, Texas—where an ICE officer was shot in the neck during a Friday evening attack—caused widespread illness among detainees.
"The restrooms are also very, very, very unhygienic," she said. "The beds have rust everywhere. They're not properly maintained. And cockroaches, grasshoppers, spiders, you name it, are all over the facility. Girls would get bit."
"I wouldn't wish this upon anybody," Sakeik said during a Saturday interview on CNN. "It was very hard, very traumatizing, and very, very difficult."
Eric Lee, an attorney for Sakeik, told CNN that immigration officials dismissed Sakeik's account as a "sob story."
"I guess what we would ask the American people is, 'Who are they gonna believe, their lying eyes or the statements of the people who are responsible for carrying out what are really crimes against humanity here in the United States?'" Lee added.
Sakeik said she now plans to advocate on behalf of women and girls imprisoned by ICE.
"I... want the world to know that the women who do come here come here for a better life, but they're criminalized for that," she said. "They are dehumanized, and they're stripped away from their rights. We have been treated as a 'less-than' just simply for wanting a better life."
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As the death toll from catastrophic flooding in Texas continued to rise, climate scientists this weekend underscored the link between more frequent and severe extreme weather events and the worsening climate emergency caused primarily by humans burning fossil fuels.
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While some local officials blamed what they said were faulty forecasts from the National Weather Service—which has been hit hard by staffing cuts ordered by the Trump administration's Department of Government Efficiency in line with Project 2025—meteorologists and climate scientists including Daniel Swain of the University of California, Los Angeles have refuted such allegations, citing multiple NWS warnings of potentially deadly flooding.
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As Jeff Masters and Bob Henson wrote Saturday for Yale Climate Connections:
Many studies have confirmed that human-caused climate change is making the heaviest short-term rainfall events more intense, largely by warming the world's oceans and thus sending more water vapor into the atmosphere that can fuel heavy rain events. Sea surface temperatures this week have been as much as 1°F below the 1981-2010 average for early July in the western Gulf [of Mexico] and Caribbean, but up to 1°F above average in the central Gulf. Long-term human-caused warming made the latter up to 10 times more likely, according to the Climate Shift Index from Climate Central.
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It’s hard to make the Texas flood tragedy worse, except to know that on the same day Trump signed a bill to stop our efforts to defeat the climate change that is causing increased frequency of disastrous floods. And giving us more expensive electricity. www.nytimes.com/2025/07/05/c...
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— Governor Jay Inslee (@govjayinslee.bsky.social) July 5, 2025 at 9:29 AM
Instead of taking action to combat the planetary emergency, the Trump administration is ramping up fossil fuel production while waging war on clean energy and climate initiatives. The so-called One Big Beautiful Bill Act signed into law by Trump on Friday slashes the tax credits for electric vehicles and other renewable technologies including wind and solar energy that were a cornerstone of the Biden-era Inflation Reduction Act.
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Metropolitan Police arrested at least 27 protesters who gathered in central London on Saturday to publicly support Palestine Action, a nonviolent direct action group now officially designated a terrorist organization by the U.K. government.
According to Middle East Eye, Palestine defenders including 83-year-old Rev. Sue Parfitt, a former government attorney, an emeritus professor, and health workers gathered by a statue of Mahatma Gandhi in Parliament Square, where they held signs reading, "I OPPOSE GENOCIDE, I SUPPORT PALESTINE ACTION."
Members of the group Defend Our Juries informed Metropolitan Police of their plan prior to the demonstration.
"If we cannot speak freely about the genocide that is occurring... democracy and human rights in this country are dead."
"We would like to alert you to the fact we may be committing offenses under the Terrorism Act tomorrow, Saturday 5 July, in Parliament Square at about 1pm," the group said in an open letter to Met Commissioner Mark Rowley.
"If we cannot speak freely about the genocide that is occurring, if we cannot condemn those who are complicit in it and express support for those who resist it, then the right to freedom of expression has no meaning, and democracy and human rights in this country are dead," the letter argues.
Parfitt told Novara Media that members of Defend Our Juries were "testing the law."
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"We are losing our civil liberties, we must stop that for everybody's sake," Parfitt said in a separate interview with The Guardian.
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Members of the group Defend Our Juries publicly declare their opposition to Israel's genocidal assault on Gaza and their support for the proscribed group Palestine Action while Metropolitan Police officers look on before arresting them during a July 4, 2025 demonstration in London. (Photo: Kristian Buus/In Pictures via Getty Images)
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The nonviolent group is now on the same legal footing in Britain as Al-Qaeda and Islamic State. Joining or supporting Palestine Action is now punishable by up to 14 years behind bars.
At midnight, Palestine Action will be proscribed under the Terrorism Act.Their real “crime”? Exposing the UK’s role in arming Israel’s genocide.This is a dark day for our democracy.Criminalising non-violent resistance won’t silence the truth.We are all Palestine Action 🇵🇸
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— Zarah Sultana MP (@zarahsultana.bsky.social) July 4, 2025 at 2:38 PM
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