[dedward]

I don't get how people rationalize calling it "owning" a house when they've only paid a few percent of it and they owe the bank the rest, plus interest. Legally they may "own" it, but the bank "owns" it too if they stop paying.

From a pragmatic point of view, the bank owns it, not you, at least not all of it.

Unless you actually bought it.

I wish people would be more clear when talking about strategy if they are talking about BORROWING to buy a house and associated interest payments, or actually buying it outright.

Buying a house with a 30 year mortgage is not really owning a house, couldn't agree more. You might make money off it, you might not, if the market goes down - but if you'er buying it to live there for the next 30 years, adn paying for it for hte next 30 yeras, well, it's not really an asset you can use. might as well pay less, rent, and save up. (worked for me)

[Domenic_S]

This is a timeline question most of all -- they're not making any new land, so property prices are (virtually) guaranteed to rise over a significantly long time frame. If you need to cash out in 3 years, property probably isn't for you.

> might as well pay less, rent, and save up. (worked for me)

I'm not sure about that advice these days with fixed rates in the 3% zone. In that range, inflation basically pays your interest for you. The tax writeoffs are nice. And there are some major deals to be had -- I bought a place 2x the size of my rental, includes a garage, in a better neighborhood, and pay ~$500/month more than renting. I don't have to worry about moving or neighbors, or if my landlord's going to jack up the rent... feels good, man.