I don't think there is a black and white answer to this question. The past years, we have been fortunate enough to make enough money to pay toward retirement and extra home equity.
Now with my dh laid off and me having to cut down at work due to baby on the way things are different(baby needs to be watched), but I can say money in the bank AND having not a lot owed on the home bring me comfort.
My neighbor has his house paid off b/c he inherited it, but he lost his store he owned and he cries about needing money. He can't afford things he needs and his paid off home do not pay for his needs.
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