Home ownership is a boat anchor around your leg - decreases freedom & flexibility!

[Pekelo]

Quote from davidmaria1:

As I stated, an oversimplified observation.

aka, total bullshit. Did you live under the bridge in the last 7 years so there was no rent??? I don't think so. Throw in 84 months of rent into the equation and come back with that number.... Then we talk....

 

[Eight]

I had a discussion with a twenty something about whether we would give up our car or our internet.. both of us would dump the car before the internet... that discussion led to some thinking about how I'd like to live and I looked seriously at getting a Vanagon and going mobile... I determined that I could trade and do everything I want from a Vanagon! My hobbies are technical and portable, likewise for the laptop and the trading.

Maybe since a lot of accounting and paperwork have moved to cyberspace there is little need for a home with a desk. Maybe since for some of us our income is from cyberspace and our reputation is in the form of a credit rating.. there really are a lot less reasons to own a home... thinking along those lines I envisioned and detailed out a plan for communities that were more than homeless missions but less than KOA campgrounds in cost per day and it might be a doable enterprise that would serve people that want/have to live in a campground and the homeless that can be civilized enough to get along in a community... getting it zoned anywhere might be a big speed bump but it was interesting to develop the concept...

 

[LeeD]

Quote from Eight:

Maybe since for some of us our income is from cyberspace and our reputation is in the form of a credit rating.. there really are a lot less reasons to own a home...

Apparently, owning a home is a major contributor to the credit rating. Buying a home with 10% downpayment and a mortgage boosts credit rating to levels unachivable to someone who rents but has has the full home price in cash in a bank account.

 

[wilburbear]

Quote from the1:

Indeed KOS. Today's grads are going to have a hard time getting approved for a loan with the student loan ball and chain hanging around their necks. That's strike one. If Obama and Co. kill the mortgage interest deduction that's strike two. I suppose the slew of vacant, or soon to be vacant, houses on the market is strike three.

Now, the question becomes, can the US economy continue to grow with an increasing number of vacant homes? In the short run, the answer is yes because the Fed is hell bent on creating inflation so those houses that BAC is about to foreclose upon will appreciate in value. Someday the interest will come due on all this printing and that will spell trouble.

good point about students coming out of college w/ debt, and therefore unable to get home loans.

 

[wilburbear]

Quote from LeeD:

Apparently, owning a home is a major contributor to the credit rating. Buying a home with 10% downpayment and a mortgage boosts credit rating to levels unachivable to someone who rents but has has the full home price in cash in a bank account.

so that means you can't get involved with the endless cycle of debt that's been so beneficial, recently.

if someone tells me i can't borrow money, i react the same way as someone telling me i won't get hooked on crystal meth.

 

[denner]

Quote from LeeD:

Apparently, owning a home is a major contributor to the credit rating. Buying a home with 10% downpayment and a mortgage boosts credit rating to levels unachivable to someone who rents but has has the full home price in cash in a bank account.

Sure, but you're living in an antiquated mentality. Everybody was conditioned to jump thru hoops to boost their credit scores 5 years ago, now not so much.

The backlash brought on by the events of the past several years will have repurcussions for at least a generation, that I am certain of.

Once the country awakens from this latest round of morphine drip, we'll see just how much attitudes have changed.