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My recommendation to buying a house actually has nothing to do with equity. It has to do with monthly expenses. Come retirement, having a paid off house will help out tremendously. You just have to cover taxes, insurance (if you choose), home repairs. Not having to worry about rent or a mortgage payment would be a great situation to be in.
I completely agree with you. Having a paid off house will create options. I live in an expensive area, so my house could always be sold, buy a house in a cheaper area and use the difference to cover any financial needs I might have.
Employers no longer want people that stay for 30 years. Or like my past, companies shut down locations and leave me looking for a new position. Every time it gets harder to find another job. I expect it to be very hard when I am in my 50's.
Yep, I agree with all of that. But a lot of people act as though they'll be able to work full time at good paying jobs, well into their 60s. Some will. Most won't, for a variety of reasons.
The U.S. Census Bureau reported in September 2014 that: U.S. real (inflation adjusted) median household income was $51,939 in 2013 versus $51,758 in 2012, statistically unchanged. In 2013, real median household income was 8.0 percent lower than in 2007, the year before the latest recession.
Median income is roughly $52k. I said they had a $750k value, not that I owed $750k, but yes I was able to get loans. I have always had good credit. I rented one out, which covered the expenses of the one house until I sold it.
"Median household income" includes a lot more than wages. It's the wage slaves who don't have those "other" income streams.
This is really all it takes. I will even add to build wealth..
5) contribute to a retirement account beginning at 18, even if it is a small percentage
6) buy a house, build equity instead of renting
7) never cash out equity of house
"The Rent Is Too High" gets in the way of (5), (6), and (7).
11 million renters pay at least half their income for shelter.
because you are over the limit based on a 40 hour week . not everyone on min wage works 40 hours . they also may have families and deductions and earned income credits .
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