Tweet
Re: the myth of the paid-for house
My choice has been to rent, and save the difference in cost between renting and a mortgage plus taxes and insurance. Thus, I save and invest an additional $1,500 per month. Since I just moved to an new city and know I might have to move again in about two years I didn't think the transaction costs and higher monthly cost combined with the potential for a declining housing market would be worth the risk.
If the housing market falls 50%, as I believe it could, I'll put a good downpayment on a house or pay cash.
My choice has been to rent, and save the difference in cost between renting and a mortgage plus taxes and insurance. Thus, I save and invest an additional $1,500 per month. Since I just moved to an new city and know I might have to move again in about two years I didn't think the transaction costs and higher monthly cost combined with the potential for a declining housing market would be worth the risk.
If the housing market falls 50%, as I believe it could, I'll put a good downpayment on a house or pay cash.
Comment