Six figure income in Southern Calif.

[cherrywink]

Originally Posted by Soccersupporter

You are obviously young and it is understandable you being cynical about home buying but there are so many advantages of home ownership. One big advantage is taxes. When you have children and a home you pay much, much less in taxes. Your interest is a huge tax write-off. The other big advantage is if you keep your home for a long period of time (in CA) and sell you can end up having a a home mortgage free as in our case by buying a house outside of CA for cash. Having a house paid for is huge both mentally and financially. A home is not a ball and chain once you have a family and settle down it is a home where you build lots of memories and financial stability.

Agree with the points by both posters. Buying a home is great for some and not so good for others. Here in Canada we can't even write off our mortgage interest so it's not so great here, lol

[Soccersupporter]

Originally Posted by cherrywink

Agree with the points by both posters. Buying a home is great for some and not so good for others. Here in Canada we can't even write off our mortgage interest so it's not so great here, lol

Most people I know would not be able to afford a home if it was not for the tx advantage. We call this house poor.

[nebulous1]

Originally Posted by Soccersupporter

You are obviously young and it is understandable you being cynical about home buying but there are so many advantages of home ownership. One big advantage is taxes. When you have children and a home you pay much, much less in taxes. Your interest is a huge tax write-off. The other big advantage is if you keep your home for a long period of time (in CA) and sell you can end up having a a home mortgage free as in our case by buying a house outside of CA for cash. Having a house paid for is huge both mentally and financially. A home is not a ball and chain once you have a family and settle down it is a home where you build lots of memories and financial stability.

Ha! I am 53 and know quite a bit about purchasing homes.
I am just not into the consumption neighborhood and status symbol thingy.
I have a family, one teen and one 20.
But not everyone has a huge income to afford a home. So you let go and try to make do in other ways.
I just don't get people though, stretching their finances to the limit to own some of the homes I've seen.

[Soccersupporter]

Originally Posted by nebulous1

Ha! I am 53 and know quite a bit about purchasing homes.
I am just not into the consumption neighborhood and status symbol thingy.
I have a family, one teen and one 20.
But not everyone has a huge income to afford a home. So you let go and try to make do in other ways.
I just don't get people though, stretching their finances to the limit to own some of the homes I've seen.

I agree completely that buying a house that you can't afford is crazy. We bought a house in Irvine for $122,00 in 1981 These homes were built for in Irvine to comply with the requirement for moderate income housing in 1979. Even back then it was a little stretch but we did it on one moderate income. We added an upstairs addition and kept the house in tip-top shape over the years and sold it last year for $800,000. That is why most people buy a house in CA. We now own a wonderful very large home mortgage free in the state of Texas. Our future is much more secure thanks to getting into the housing market and stcking it out.