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@Santaclara,
I think it's great that you were able to buy back in'02 before prices got too far out of whack with incomes/rents (early part of the Bubble). Remember, we're not ANTI-HOUSING here --just ANTI-BUBBLE.
I don't know that I'd recommend over 50% salary or working two jobs for everyone, though. If you're single and don't mind the extra hours, sure, but for married with children...?
It's great that you're able to enjoy the "intangible" benefits of ownership. And I gather you bought a SFR that's not part of a HOA, otherwise you would NOT be able to do the things you just mentioned --smart move. Condo & HOA "owners" really don't have much more in the way of freedom than renters do.
I would also caution against banking on all that "50% equity" being there a few years from now. I'm guessing you're basing that on CURRENT VALUATIONS, not repaid principal (?). Remember that, in an asset bubble's aftermath, newly acquired equity can readily disappear. ;-)
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It's pretty obvious that our society (and most other societies) places a substantial cultural premium on the concept of home "ownership". We hear time and time again how most people believe --with almost religious fervor-- that renter=loser and owner=winner. Why is it that?
Why is somone who grossly overpays for a condo in a marginal neighborhood considered to be "smart", while someone who rents a better home in a better neighborhood for a fraction of the carrying costs considered to be a "loser"? Why does renting money carry more social status than renting housing? What makes someone who purchased using a $0-down I/O or neg-am loan more of an "owner" than someone who rents an identical home without the all the leverage and risk?
Discuss, enjoy...
HARM
Caligirl Says:
February 21st, 2006 at 9:01 pm
… I have a down payment saved up but don’t want to buy now, for obvious reason. But I would like to own a home soon. I have two kids and would like to have a home to call our own. How long do you think I’ll be waiting before it’s safe to buy?
Face Reality Says:
February 22nd, 2006 at 1:29 am
“these highly-paid professionals like to experience lower-middle-class lives in transitional neighborhoods. â€
They don’t like it, but that’s all they can afford, and they’d rather buy than rent.
To BA Or Not To BA Says:
February 22nd, 2006 at 2:31 am
I cannot even count how many times people have tried to brainwash me into buying. It’s a tremendous struggle to not give in to buying a home. Even my wife thinks I made a BIG mistake by not buying 4 years ago.
TimeSaver Says:
February 22nd, 2006 at 10:50 am
...It’s more of “settling down†factor than the economics and investment.
…Now I am stuck like you all, coming here daily reading the stats, checking out the charts…wasting an hour a day to go through all the links and posts and hoping for the prices to come down…
Fewlesh Says:
February 22nd, 2006 at 11:40 am
…I’m in an Asian household, with my wife from Korea. They think that not owning a house = loser.
...I keep on getting the: why don’t you work for and make a lot of money and buy a house?, etc.
#housing