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Originally Posted by jamesqf
But I think you'll have to admit that a lot of that is a result of choices they've made, basically to spend every cent of each paycheck they got as it was earned, and put more stuff on the credit cards.
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As an American, I wants my instant gratification and I wants it now!!!
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Why would you think that? My experience as been just the opposite: I spend less on mortgage, taxes, & insurance on my place - which though not a McMansion, sits on an acre in a fairly upscale area - than I would to rent a good 2-bedroom apartment. If we're looking at like-kind property, the landlord who rents it to you has to pay the same mortgage, taxes, & insurance (and insurance is probably higher) as an owner-occupied house, plus he has to be making some profit somewhere.
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Kinda depends on how long you plan on being in one spot but yeah if you're going to stay put a while home "ownership" might get one less profit taking scoundrel outta your wallet.