patrick.net

http://finance.yahoo.com/news/new-american-dream-is-renting-to-get-rich.html

Are we going to have late night infomercials selling us on GET RICH QUICK schemes via Renting now?

Oh how the pendulum has swung!

By the way the numbers in this article are so off....

"McBride crunched the numbers in a pre-bubble era (2004) for a home purchased at $200,000 by a buyer in the 27 percent marginal tax bracket. Factoring in a 30-year mortgage, $1,200 in annual home insurance, closing costs of $5,500 and maintenance costs of $100 a month, along with property taxes, he calculated that it would take a selling price, 10 years later, of $395,404 just to break even. His conclusion gave Arzaga's view credence: "Homeownership may not be the moneymaker you think it is."

He should really use Patrick's calculator... I think he just assumed you have 2 options... Buy a house or live RENT FREE for 10 years... Because that's the only way you are "breaking even" after 10 years in the above scenario.

#housing