It's amazing how much all of the responses so far seem to be missing why this is the case. Assuming you have no choice but to live somewhere and pay for it, alr

It's amazing how much all of the responses so far seem to be missing why this is the case. Assuming you have no choice but to live somewhere and pay for it, already owning at a 30-year locked in monthly payment benefits you as long as average monthly payments for comparable housing for new home buyers and renters keeps going up. Whether that is because of price increases or interest rates going up doesn't matter. If interest rates rise and home prices fall, but your monthly payment stays lower than what new buyers and renters are paying, you still benefit.