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I don't know if condo's count as a home, but when I bought an apartment 8 years ago, the combined mortgage, property taxes and maintenance fee were substantially less than the rent I had been paying on a very similar apartment. It seemed like a no brainer and I am able to fairly precisely calculate what I saved over 8 years because I can see online what the rents did; I saved 24,000.
If I sell this year, however, I will be taking a greater than 24,000 loss. I will have to live here for a few more years at least to come out even. (I don't count money I lost by not investing any principle I paid because I have only lost money on investments over the last eight years!)
Lesson: You can lose money over the long run even if you save every year.
To the young people: we've had some bad times economically; I really think and expect things will get better for you over the next decade. Do be careful buying a house, but I think the bottom is near. Those who are graduating now will be cautious economically over their lifetime, but that's all to the good for them, likely
I own my house outright. It would have been a terrible buy in 2007 for 135,000. 18,500 in 2010 made sense to me. I can put my money saved on rent into fix-up, when and how I want it done. I sold in 2005 and bought in Thailand. Came back here in early 2009, and I've since bought 3 homes. Timing has a lot to do with it.
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