-—I don’t know how they measure home ownership. I don’t know if they consider having a mortgage as being a homeowner, which is vastly different than owning something out right.
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Only a fool will ever “own” their home. I could have paid off my houses 40 years ago, but the tax credit penalty is too much to “own” a home. You are better off borrowing against it over and over again.
Write it off.
I can’t imagine anyone wanting to actually “own” their home.
Get it down to 20k and then borrow against it with such low interest rates. You get the write off and you can bank at least 10% off the market on your home loan. Silliness.
Never never never own your home. Even if you are so insecure as to think that “owning” your home provides security of some sort, think again, the feds will drop kick you like a mule when you are old if they think you “own” anything. Best put it in an SCorp, CCorp or LLC if you are that insecure. But never never never OWN your property.
I am not a lawyer, but I have many many lawyer and banker friends who would all tell you the same thing. The richest people I know OWN nothing.
I see where you are coming from, as a strictly monetary calculation you’re right.
But the peace of owning, free and clear, my house is worth far, far more. I do know several “rich” (assets in excess of 1 million) folks who also are debt free.
There are a LOT of things more important than the bottom line and the total in the bank account.
Fregards
Please elaborate.
To each their own; the borrower is the slave of the lender.
If living in your bank’s house workd for you, you are doing the right thing.
I own my home the same as I own the shoes I am wearing. Mortgaging the roof over your head is gambling, and a bet I refuse to make against my future. You are betting that you will have a steady, uninterrupted, ever increasing income stream. Some people (mostly government workers) have that luxury, but more than half of all Americans never are in that position.
I have been laid off several times from very good jobs as a result of economic downturns, but did not have any outstanding debt at all any of those times.
My health has taken a dump and I can not work more than an hour or so a day. I have friends that developed cancer, and others that have had other life changing medical events. 0bamacare doesn’t pay your mortgage payment, or even your car payment, as I am sure you are driving the bank’s car, as well.
My wife and I do not worry about mortgage payments as the economy is imploding. And my home NEVER had a mortgage, I paid cash as I built it board by board and nail by nail.
It is really very sad that Americans have been indoctrinated by the banking system that the only way to buy a house, or car, is to take out a loan to buy it.