Quote:
Originally Posted by LivingAlmostLarge
Except the millionaire mommy would argue that renting is always better. Read her site about why she rents. And how it costs more to own. Very good arguments.
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It all depends on what your purpose is for your dwelling. If it's just a place to sleep and shower, you can rent and buy less house, using more funds for investing and enjoyment. If it's your main enjoyment, you can invest a little more into it, your luxury money. But in any most cases, it's a liabillity that should be purchased much like a car, by limiting how much of your income you should put into it and how, such as using shorter term notes and allowing more money for better long term investments.
I think too many people think it is a wise investment and they focus too much of their income into it. It can work for some of those in areas of the country where housing inflates rapidly, and they then move to cheaper areas of the country later. But all in all, it should not be your best investment option.IMO.