[Maneesh]

"If one really investigates, while ignoring common wisdom, then it will become clear that a mortgage, therefore buying a home, is a LIABILITY, not an asset as presumed by the masses.
A mortgage[house] is ONLY an asset when OTHERS are paying the mortgages off, while putting a chunk of change in your pocket monthly. [Leasing or renting.]"

You are absolutely right. Owning a home is the biggest liability as long as you live in it and pay the mortgage. It may appreciate in value and be an asset when you sell it but it is the biggest money sink while you live in it. The reasons to buy a home are more emotional and life can't be lived on logic only. The banks have a done a great job in brain washing the masses that a home is an asset and you need that tax deduction. Only something that puts money in your pocket every month is an asset and something which takes money out of your pocket is a liability.

[100-Fold_Return]

Dittos!!!!

Don't pay the mortgage and/or taxes and just see what an asset your house. Well put!

[Minn]

Only something that puts money in your pocket every month is an asset and something which takes money out of your pocket is a liability.

So a place to lay your head down every night is not an asset? Is food in the fridge an asset? I a closet full of clothes an asset? Is a car an asset? Is a plasma TV an asset? I guess not under your definition.

[Reagan08]

Where I live rent is just as expensive as buying (for comparable living accommodations). I have a buddy that has never owned a day in his life -- although with the many programs available these days he certainly could have--. I on the other hand have owned five homes since I was 23 (now 38) and have rolled so much equity and purchased two new vehicles for $110,000 cash. On top of that, I save thousands each year in taxes due to the mtg deduction and r/e taxes paid. Please tell me how in the world you could do that even if you were able to save $400-500/month in renting vs buying (mortgaging).

On top of everything else I have my current home on a 20 year pay out which will provide me an asset of CONSERVATIVELY in the $1.2MM-1.5MM range (valued at $965,000 today)in 2025.

No one will ever be able to convince me that renting is a good thing........unless you are moving state to state every couple of years.

[Howlin]

Only something that puts money in your pocket every month is an asset and something which takes money out of your pocket is a liability.

Are you really this dumb, or are you just too poor to buy a house of your own?

My "asset" will pay me half a million dollars in the end.

Meanwhile, you will have pi$$ed away your money.

[Peach]

The banks have a done a great job in brain washing the masses that a home is an asset and you need that tax deduction. Only something that puts money in your pocket every month is an asset and something which takes money out of your pocket is a liability.

You're kidding, right? I retired at age 42, and my husband and I sold our CT home and paid cash to build a new home in the south on a golf course and with an inground swimming pool. And someday when we sell this house, we'll deposit an enormous check.

Meanwhile, you're shelling out for rent on a monthly basis and have nothing to show for it. So how do you explain your comment that the banks have brainwashed the masses?