Home ownership is for riches and dumbs.
Well there are a few exceptions. A buddy of mine moved in with his fiance (now wife) with a high school friend in a house in Minneapolis the friend bought. He never went to college and just worked straight full time out of high school, meaning he had saved up enough in 6 years to buy a house at age 24 with a huge down payment and the pay the rest off fairly quickly (obviously my buddy and his wife paying rent to him helped a lot there too.) But that's quite a special case. Unless you can afford to pay it off completely within 5-10 years there is no reason to buy a house.
That's not true. I bought a house last year -- brand new for a lower-than-average price because it was a) in the country, and b) during the housing slump. I live close to a city that will be the site of a new Homeland Security facility to be built in the next few years; it's also a growing university city that is also close to an Army base.
The bottom line is, people are moving here, and that's only going to increase over time. Granted, my mortgage is higher than I'd pay for rent around here, but it's worth it -- not only do I have an incredibly nice house (and extra rooms that I rent out) to live in for years, but I've got an investment that has a very high probability of being worth tens-of-thousands more in the long run.Well I noted there are exceptions. It can work if it's planned well as in your case. But too many bought houses just so they could call themselves homeowners. And BushOklahoma clearly falls into this category. Now how many of those people in the last 3 years have been foreclosed and would've been far better off if they never bothered with homeownership?
