One last post for the moment. My mother moved out of her house last June. She had lived there since 1955. It was paid off long, long ago (less than 10 years after they bought it). She moved into a senior apartment complex, so is now a renter. Bad deal? I don't think so.
Even though the house was paid for, we figured out it was costing her an average over $700/month to live there between utilties, taxes, insurance and maintenance. Her apartment is only costing her about $500/month. So she is ahead by $200/month right away. Plus, she now has the proceeds from the sale of the house invested and generating about $500/month in interest income. So the bottom line is that she is now $700-$800/month ahead by renting vs. owning. Had she remained in the house, it certainly wouldn't have been appreciating by $700/month so she is way ahead this way.
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Steve
* Why should I pay for my daughter's education when she already knows everything?
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