Home Buying, a Very Poor Investment for the 21st Century
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#1 Mar 8, 2011
The "American Dream" is having personal liberty and the freedom to pursue happiness and fortune. That dream means many different things to different people, but home ownership as a universal dream for all is a myth perpetuated by the housing industry.
Buying a home is a dream for realtors and mortgage brokers and homebuilders. It makes their living.
If you finance your home, you're still a renter anyways, paying rent-to-own money to the mortgage holder.
#2 Mar 9, 2011
I have one comment. Is it not an investment buying real estate. We borrow the money because we either don't have the cash or don't want to use all our cash. So, the banks lend and we borrow. Save, Save, Save that equity for a rainy day. That's the virtue we should borrow money by. Not spending our equity!
#3 Mar 27, 2011
The author forgets that it is the renter who paying the landlords interest and taxes on that property. In the end the renter has nothing more than increasing housing expenses.
Renting is a short sighted and losing venture. And now when you can buy a home and have payments often less than that of nearby rentals it makes even more sense.
The only reason NOT to buy is if you feel you are in an unsettled situation and may leave the area.
Owning your home largely locks in your housing expenses for the rest of your life. I purchased my first home at the age of 27 in San Diego. My mortgage payments were $1200 a month. Today that same home is worth 4 times what I paid for it and the rent is $2900 a month. In 6 years I will own it free and clear.
I'd like to thank all those renters over the years that have made it all possible.
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