Quote:
Originally Posted by Steely Dan
buying a home for yourself really only makes sense if you plan to be there a while. and the main advantage in my eyes isn't the mortgage interest tax write-off, or the fixed payment schedule, or the equity built through appreciation, or anything else. it's the knowledge that i control my own housing destiny. as long as i hold up my end of the bargain with the mortgage and tax payments, then no one can tell me that i can't live in my home. once you have children to raise, that kind of foundational stability becomes a really nice "peace of mind" thing.
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Exactly. Though housing becomes almost a forced savings account, and will build you wealth in almost all circumstances, save catastrophic events. Though, as you said, It is a long term play.
In my eyes, there are two ways to increase your wealth:
1. Buy a home (you can afford, and stay long term)
2. Get married to somebody who works a full time job (and don't get divorced)