Why Owning a House is Financial Suicide

News.Com (Australia) ^ | November 13, 2015 08:32 GMT | James Altucher

[Up Yours Marxists]

OWNING your own house is as much the Australian dream as the American dream, and it's one that feels increasingly out of reach for many.

But when one user on Quora pondered whether it was ultimately better to rent or own your own home, blogger and investor James Altucher penned this highly controversial response:

I am sick of me writing about this. Do you ever get sick of yourself? I am sick of me.

But every day I see more propaganda about the American Dream of owning the home.

I see codewords a $15 trillion dollar industry uses to hypnotise its religious adherents to BELIEVE.

Lay down your money, your hard work, your lives and loves and debt, and BELIEVE!

But I will qualify: if someone wants to own a home, own one. There should never be a judgment. I'm the last to judge. I've owned two homes. And lost two homes.

If were to write an autobiography called: "My life - 10 miserable moments" owning a home would be two of them.

[Macoozie]

Because, as my note reads, my rental properties are in an area where I don’t want to live, but have strong rental growth. A gentrifying area that will be better in few more cycles. Now, it’s still a bit “uncomfortable” for many.

No rental increase in 5 years for me.
7-10% hikes per yearly lease renewal for my tenants, with ZERO turnover. How long this lasts, who knows?

Home Ownership is not for everyone. Circumstances vary widely.