Quote:
Originally Posted by SumAznGuy
While in theory this is all true, but what is the likely hood it will happen. If you were smart with your money and didn't over extend yourself and didn't over spend the cheap money, then the chance you default on your loan is low.
Look at our parents. How many of them were paying off their mortgage during the 80's when the interest rates were north of 10%?
Plus, if you paid off (for the sake of argument) 80% of your place and you lose your job, I highly doubt the bank will foreclose, and sell your place and not give you a dime back.
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Our folks lived in a much better time than we do, brother. Our folks were paid better in relation to the cost of living than we do. Our folks also lived through one of the best economics times we have had in history. It was viable in our parents time to have only one source of income in a household, and still own a home. Nowadays that idea is completely out the window, unless you are raking it in, it's very difficult to own property on a single income household.
The economic future will be a lot more unstable for our generation, there is no doubt in that. If we have another crash (which they predict will almost certainly happen at some point), it will make 2009 look like a cakewalk, if interest rates go up, most people will be completely screwed.
Like I said, I'm not discouraging anyone from buying, but I think it's a retarded argument to say that "buying" is better than "renting" because it equals some type of mythical security that you own that said property.