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If you put 15% down and the house value drops, you still save on rent. Paying down a mortgage is paying back a loan. Paying rent is just paying someone.

• refurb 5y ago
  Nope. I lucked out in 2007 and decided to rent rather than buy. Economy went into the shitter after and after a couple years my company had lay offs but I was lucky enough to jump to a better role in another city. I spent $36,000 in rent over 2 years. I had several friends who bought with $60,000 down and paid $50,000 in mortgage payments and property taxes. When I moved I gave my landlord the keys and got my deposit back. When they moved their house was way underwater, so they sent the bank the keys and walked away. I spent $74,000+ less on housing than they did by renting. It was just luck and sure an extreme example but man the lessons of 2008 have been very quickly forgotten.
  • geoduck14 5y ago
    >It was just luck and sure an extreme example but man the lessons of 2008 have been very quickly forgotten. You're right, but I'd like to share with you a lesson I learned in 2020/2021. Every single leader that has been around since 2008 is terrified of "mortgage" causing 2 recessions in a row. Seeing people rally around house prices and evections over the past two years really solidified this for me.