Ok, thats fine, but I dont spend anywhere near that amount, and I live in downtown Boston, one of the highest cost of living areas on the east coast. So, what I don't spend on a mortgage, I put into my savings and other equity assets. There is no world in which I live in that I could spend the same on a mortgage as I do in rent. I still end up financially on top renting over owning in this city. Sure, I can move, but I love the quality of life I have here, and I wont change it anytime soon.Sure, theres equity in a house, but is that everything? Do I really need to leverage a loan against my own property to live comfortably? To send any future children to a great school? Do I need to end up so underwater with a mortgage to consider myself successful? The answer to all of these is no.
No comments yet.