[C19fan]

I have first hand experience of the term "house poor". Poor is an exaggeration but owning a house sucks.

[cuban leaf]

I rented in Seattle between 1997 and 2011. Compared to owning the same homes in that time period, and even considering that there was a huge boom (and bust), I saved tens of thousands of dollars.

And of equal importance, when I decided to move to KY, I simply gave 30 days notice. :-)

[TSgt]

A home is never an asset since you have to live somewhere and it’s certainly no longer a moneymaker.

Having said that, it is usually better to live in a modest affordable home where you can build equity than to pay for someone else’s mortgage.

I’m fine with buying homes and letting others pay the mortgage on them if they really want to...

[WinMod70]

I learned that a few years after building my house. The property taxes alone on the house exceeded what I was I paying in rent beofre I built. But I did build something quite different than what I was renting. Even though, according to the financial expert, I’m wasting money owning a home I prefer the peace of mind knowing I have somewhere to go and do as I please. The real possibilty of receiving a notice to vacate the premises hanging over you head daily would bother me.

[OKSooner]

The second worst decision I ever made in my entire life was to cave to a certain knowitall who insisted that I buy not only a house but an "acceptable" house in an "acceptable" neighborhood, and on his/her timetable.

I regret it to the last day of my life. Not that the person involved would GAF, mind you.

[CodeToad]

Only in a downturned economy does this logic work. When property prices are rising those that buy a house pay much less than those renting. Those that buy a house control their costs for the most part while those renting keep moving around while trying to find something they can afford. I have a great house that I pay the same in actual money out of pocket that someone in an upscale apartment pays and gets nothing out of. I have a place to call home, have lots of wooded land and elbow room. The apartment dweller...not so much.

[Mouton]

Actually the best way to accumulate cash is to be in an underwater financed home while skipping all payments till you, if ever, get foreclosed. Think of it, you can buy all the big screen TVs, cars, clothes etc you would normally waste the money upon making a mortgage payment. Then along comes His Excellency and he will probably give you a bonus ontop of your frugality.