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It will never go to zero. You will always have property taxes, insurance and maintenance.
That part is not so bad, once you're out of bubbleland-ed suburbs of brand name chic cities.
In a way, it's good to own, if one's nearing retirement. The problem is that given the way things are in areas like greater Boston, NYC, SF, etc, those outside of high paying fields/tracks will never see that day.
All I know is that I dont like to rent. I dont like shuffling around my belongings. I have stuff that'll be in the same place for 30 years if i want.
The only reason people wouldn't stay in a rental 30 years is their own choice. It's just not acceptable in the U.S. so people don't do it thinking that a rental is just a stepping stone lifting them up to their eventual ownership dreamy heaven.
It would be interesting to know how many people who own houses shift their belongings because of washing machine floods, improvements, fires, and just plain moves. Several have written at patrick.net that the average time in a house is only 7.5 years.
I get what you're saying, though, you're saying you personally think of owning as having the potential to deliver stable, unshuffled belongings for 30 years. Maybe you could rent with the same stability if it weren't for your thoughts?
When the Democratic Supermajority in California votes to override proposition 13 even renters will be paying more taxes.
When the Democratic Supermajority in California votes to override proposition 13 even renters will be paying more taxes.
Not likely.
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http://www.latimes.com/news/opinion/commentary/la-oe-norton-happiness-spending-20130519,0,3517116.story