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Bob is in Camden, New Jersey, discussing the option of purchasing a home with a land lease agreement as a compromise between renting and traditional homeownership. He explains that he could buy a smaller, decent-quality home for about $100,000, paying most or all of the cost upfront, resulting in no mortgage. However, he would incur an $800 monthly fee for the land lease, similar to a homeowners association (HOA) agreement. Bob views this arrangement as a preferable alternative to the higher rental costs of $1,500 to $2,000 per month, which he wishes to avoid, or the complexities of traditional homeownership.