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My wife and I are owned by our home. I can see why most people who own, are retired. No matter how well they were
built, there's a ton of stuff to replace by the time they are finally paid off. The up side is that you learn a lot of new skills -- unless you're independantly wealthy, and can farm the work out.
I'm 32 and have owned my house outright for two years. Granted, it's not the biggest house in the most prestigous neighborhood. But its plenty big for my family of four -- 4br, and its only five years old. I cashed out of an overpriced housing market at the peak of the boom to move to a low-cost market. I'm satisfied with the choice. I can save more for retirement and we have money left over for more fun stuff -- vacations, amusement parks etc.
I'm 47 and doubt if I'll ever own a home outright. Unless I win the lottery. Everytime I have owned a house, I've made very little and paid down very little to ofset closing fees and Real Estate fees to get into the next house. The house I'm in right now would be the turning point, we built it 3 yrs. ago, it has more than doubled in value but we are planning on selling and probably buying something more expensive, to accomodate my parents living with us.
Oh Well...as long as I can afford the mortgage....
My husband and I are in our mid 40's and have owned our home outright for 5 years.
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