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Homeownership has been glorified because, over the past few decades at least, it's been an unbeatable investment. There is no need to pay off a mortgage before
by UVB-76 11y ago
Homeownership has been glorified because, over the past few decades at least, it's been an unbeatable investment.
There is no need to pay off a mortgage before retirement. You can sell up (likely for a huge profit) and use the proceeds to buy a smaller property, rent, or retire to somewhere with significantly lower living costs.
- sokoloff 11y agoAgreed. I save and invest aggressively and my housing returns for the last 9 years are greater than my total 401K and IRA balances (and I've been working and investing heavily into 401K and/or IRAs for 22 years).
- tostitos1979 11y agoA friend of mine moved to a different coast and sold his house. His return from his house was more than his income over the past 5 years ... and we're talking about high, bay area salaries. The cash he got was also tax free.
- sokoloff 11y agoI think that only $500K was tax-free (for a married couple filing jointly).
- JaumeGreen 11y agoIf you can sell. Lots of people not buying means it can be difficult to sell your house for what you think it's worth.
- UVB-76 11y agoPeople are only going to have trouble selling when the bubble bursts. Until then, there is always a greater fool.