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by swypych
2496 days ago
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I can see your perspective, I don't think you are wrong. I bought my house in 2014 and thought the very same thing. I eventually made the decision that my house is not an investment, it's a home, which will I will use for shelter, and that I do not plan to sell for 20+ years. So long as I can afford to make the mortgage payments and not be house poor, I will be reasonably happy and this should work out. Through that lens I figured even if the housing market were to collapse, I will have 20 years to make up the difference. Right or wrong, this helped me frame it in a way to so I remove the timing aspect. |
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I think that for the amount of property I could afford now, I would probably want to trade up for a larger property after about 5-15 years once I have kids. Or I might take a job in NYC around then as well. So my outlook is a bit more short term, and the flexibility of renting carries a bit of a premium.
The benefit of your approach is that you will probably weather any short term decrease in market value of your property and make up for it over time. That definitely works if you are willing to really commit to an area for a long time