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I don't get it either. Got into a thing with someone I know recently. What exactly is the worse case scenario if I rent for the rest of my life? And all they could come up with is I might not making as much money. Ok, so that is it. I won't be as wealthy as I could potentially have been.
So yeah a slightly shittier nursing home, big freaken deal. It's not like my entire life is going to be ruined it means that I could have had slightly more money when I am too old to do shit with it. Potentially. It isn't even a certain thing the housing market can do whatever it wants.
You people are freaken nuts. Half million dollar bet on a wood house that a single flood or fire could destroy you. You have zero control over your taxes or if some zoning department person wants to just ruin your life. And the entire awful system only exists because the government is going to bail you out. Well guess what, the government will be broke one day.
In fairness, my mortgage is never going to go up aside from property tax which is pretty reasonable here, whereas our rent was going up every year. Also every mortgage payment is at least in part a bank deposit towards when we sell at some point.
I don't know why you say that. Your taxes can easily go up, your insurance can go up, and your bank can do all kinds of games. Which doesn't even deal with if your neighborhood changes and your house is underwater.
I bought a reasonably affordable small home in 2019 when I was 21-22. I got it on a 15 year mortgage. That means by my mid 30’s I’ll own my home outright and will be able to put my entire mortgage payment (minus property taxes) into my bank account every month, opening up tons of possibilities for the rest of the best years of my life. If I was renting that would never be a possibility, and I’d have to pay ever increasing rent until I die.