I bought a small semi year ago after 20 years of renting. What a relief! Now we can all stay put for a while, and have been in frenzy of home improvements ever since - we were never allowed to do that before.

This is mine, freshly painted. mom is so proud of me

Good morning Deborah Syms, what options would you like to see on a survey concerning parsonage living? What would the options be?

Bought our first house in 1980, when interest rates were HUGE. Have bought, repaired, cleaned up and refurbished places then selling, as we climbed the property ladder through the years, We now live in Silicon Valley, where houses sell for OVER list price, and fast! We sold our last house back in Ontario Canada so my husband could take his dream job here, so we now rent for more than we ever paid in mortgage payments! Supply is so low here, and demand escalating. For now, we rent out of necessity, but who knows what the future may bring.......

I own an 1100 sft home in the country and plan/hope to purchase a condo in the city as well !

We have owned our ranch style home in Silicon Valley for many years. With costs high in this area, we do most of the work on our own. Thanks to Houzz for the articles, help and encouragement that yes, we can do it!!

Always rented, always will. Even though I have to listen to siblings and in-laws that tell me how financially irresponsible I'm being. However, this single woman just loves it when something in my home breaks - or start leaking - or beeps - or otherwise behaves badly, the office sends over a very nice person who fixes it, or stops the leak, and scurries away again. That - is - awesome. So it's worth it to me.

Almostjane....totally agree especially with the "scampering away" part!

Rented Vs Owned : Although we own it is still rented in a way because we still have to pay property taxes and insurance. So why do i prefer owning vs renting ? Because in owning we get to be our own GC 's. In a rental (of which we lived in many before), one will have to ask the landlord before evening making minor changes...i'm fine with that for it is their propertly, but in owning we don't need to ask anyone

Retired and in our 70's, my husband and I happily rent a small house, exactly the size for us. We have owned homes and a condo in the many years while rearing our children and are now enjoying less responsibility as we travel frequently, do not want to worry about repairs and like the idea of not having to worry about selling a house when we must move to other living arrangements with age. We do not feel that we are "throwing our money away" as some people refer to renting. We believe renting is right for us-----and our landlords allow us to do anything we wish with the gardens/yard and inside, as long as we tell them first. We feel at home and will never buy another piece of real estate. Our perspective on this has definitely changed as we've gotten older but till feel as if renting is a viable option for many people who are mobile either in work or in leisure and do not want the financial burden of mortgages and home upkeep.

Kind of a silly question since this is a global website, and having the ability, opportunities and incentives to own a home in some countries is much different than in others. In the US, owning your own home is part of the American Dream -always has been- and considering we have the highest percentage of home ownership in the world, it looks likely to stay for a while. California and Manhattan are the exceptions, as they both have the lowest home ownership percentages in the country, due to the ridiculously high real estate prices. Tsk, tsk.

Yes, real estate can go up and down in the short term, but over time, it usually proves to be a sound investment. Unless of course, you're very young and/or move around a lot. (I personally caution early 20-something's from committing themselves to home ownership, staying open and free to pick up and go whenever life, work, love or the thirst of adventure beckons them.).

And having a mortgage with today's low interest rates of around 3% isn't a burden to be quickly rid of, but is a financially smart and cheap way to invest your money for the long term WHILE LIVING AND ENJOYING THAT INVESTMENT, and in the US, is tax deductible.

Home ownership adds stability to communities, and a high rate of home ownership contributes -more than any other factor- to a healthy US economy and low employment. Home owners pay property taxes -which fund schools, libraries, roads and other infrastructure, which in turn, are held accountable by the homeowners who pay the taxes funding them.

Homeowners purchase more furniture, and hire more plumbers, landscapers, electricians, painters, decorators, install more swimming pools, renovate, upgrade, replace, install than renters. And all those goods and services that go along with owning a home, employ millions of people who, in turn, buy their own homes...and the economic wheels keep on turning.

Rented until I got married and had a kid. Bought a house when prices were at their highest before the crash. Gave it to the ex-wife in the divorce. Rented a cottage behind my sister-in-law's house for 3 years as housing prices hit rock bottom and my financial situation improved. Just bought this fantastic waterfront mid-century modern villa/townhouse outright. Two/two, 1150 sq. ft., low maintenance, only 12 units, 2 parking spaces. Built a deck, removed laminate flooring and carpet, restored the terrazzo floor to it's 1964 glory.

Good morning mrchocoholic, your home looks like homes on canals in Central Fl.
Would love to see some pics of the inside. We had terrazzo floors in our first home, but I did not like them then, but I do appreciate them now.

We rented for a few years in Seattle because of the cost of buying. We bought a house recently.:)

Own My House.
And
The Bank & I own 4-Rentals. Of those, 3-were bought when the Market was down & 1-was bought when the Market was Up (yes, I'm upside down against the purchase price on this one but, we put a lot down so, could still walk with some change in our pocket!

That's Our Story!

We have just bought a big house (had to get 40% mortgage) and it needs a total renovation. But it is fabulous and I feel I have been living there for ages.

On Jan 14, I lauded the virtues of renting, now not quite 5 months later, I am in the process of purchasing another home. Does anyone else change their minds that drastically that quickly?

Well we rent our apartment but we own a home. Well... We just bought the house a week ago and closed on it!

Own 2 properties. First one got when the market was down. Fully renovated it and lived there for 5 years. The second one, the market was picking up but still got a great price for it and fully renovated again. Move to the second, rented the first. The rent on my first property pays for 100% of all its costs plus about 80% of the new one. I plan on having both paid off right before retiring. The key is to manage your money and credit so you have choices. I don't make a lot of money but I sure save big and my credit is pristine.

A quick lesson in home buying follows. A home with a 30 year mortgage can be paid off in 5 1/2 years if you make double payments. A double income no kids couple can have a paid for home before starting a family IF they defer vacations, new cars, new furniture etc. It's called "delayed gratification".

At least round up your payment.
If it is, $1369 pay at least $1400 but, better still, pay $1500. And if you want an "A" pay $2000.
Doubling your payment will get you an "A+".

If you do pay extra have it go to Extra Principal NOT future payments!

Bankrate.com has a good mortgage calculator - once you put in your original info and calculate, you can click on "show amortization schedule", which gives you fields to input additional payments. Seeing how much money can be saved AND how much faster your house will be fully owned is great motivation.

Here's the link: click here

Start a Poll!
Do you pay extra on your Mortgage?

How much is your payment and how much do you pay?

Ok...I'm a little puzzled by all this dash to pay off a mortgage that costs less interest than what you would get investing whatever additional money you are paying each month. What is the purpose of that? Why would you want to get rid of a debt costing under 4% interest if investing the same amount would yield 5% or more depending on the investment? That really doesn't make sense to me. When mortgage rates were in the double digits I totally understood that, but now? Not such a great idea to my way of thinking.

whynottryit, for me it's a benefit because I'm risk-averse, and debt-averse. I like knowing that no matter what, my house is paid for. There's a certain comfort level in not owing any money to anyone.

And if you know of an insured investment that's paying 5%, please let me know!

@orangecamera - I understand what you're saying and everyone should choose what works for them. My investments have been paying over 6% for the last decade so I was trying to be conservative at 5%. I just purchased a new home at 3.85% and my broker advised getting a mortgage as opposed to paying cash for the house. My investments more than offset the interest rates so I'm better off in the long run. Just different strokes for different folks.

I'm like Orange.
I'm looking to pay off my Rentals and use the money for retirement and eventually had down the houses to my Heirs that way at least part of their retirement is paid for.
AND
I can't take my 401K money until I'm in my 60's but, I can take my Rental House income as soon as my houses are paid for! This is huge! It may only be a couple years difference but, that's HUGE!

I think the reality is that we see many, many people that have big Seconds on their houses and are not even close to paying them off. These people aren't investing their money instead of paying their mortgage.
These people are good people that have just had bad circumstances. If we can help them pay off their loans just a little earlier it is a huge win for them!

It is interesting reading whynottryit's comments. A few years after my husband died, I moved from 'our' house into 'my very own house'. I own it with no mortgage, but I really miss that guy who used to fix everything! I think renting would have been a better option for me.

amen to that dee!

You're paying for repairs whether you own or rent - directly if own, or in your monthly rental fee if you rent.

I'm sorry for your loss, @glendadw. I'm in the same boat. I miss having someone in the house who can "just fix that thing, please". I'm still looking for a local handyperson who doesn't mind coming over for little things and doesn't charge a fortune. Perhaps I should adopt a teenager. (nooooooooo....just kidding!)

I own mortgage free but my house was very inexpensive and it's not in a good area. I felt like the mortgage I had before was always hanging over my head waiting to crash down on me if I lost my job.

I rent it from the mortgage company for another 27 years!

One of my design specialities is Tiny house design if your interested

Like so many things in life, there is no one right answer. However, I do think that owning makes more sense in the long run, with the caveat that not everyone should own a single-family home. For me, co-ops and condos work very well. I bought a co-op last year and I lived in a condo when I was married. I like having choices and options in life. I want be able to have the appliances I want and to be able to replace them when I see fit. I like being able to make renovations to my place. I also like getting the tax deductions for the mortgage interest and property taxes. At the same time, I like not having to worry about things like replacing the roof or siding, or having to shovel snow in the winter. Once the mortgage is paid off, I'll have a two-bedroom apartment in Queens for less than $1,000 a month, in a great neighborhood. If I decide one day that city life no longer works for me, I can sell my place and move to another part of the country. I don't want to be at the mercy of a landlord after I retire.

@Ken Powers, I'm in agreement. When you're ready to retire, don't think you need to live in an apartment-style building in order to have the benefits of condo/co-op living. I live in a single family home but it's still a condo. We pay a monthly fee and get all the benefits that come with it, including lawn care, snow removal, trash pickup, clubhouse, etc. There are some additional pro's and con's with this kind of set-up though, and I'm sure they vary by community. In my community, the homeowner is responsible for the entire building, inside and out (including that new roof). On the other hand, we have the benefit of not sharing walls, ceilings or floors with our neighbors, and we can plant small gardens if we choose.

@orangecamera Learn something new every day. I haven't found a condo like that around here. Of course, even apartment style condos can allow things like gardens. I'm allowed to plant a garden at my co-op, and I can landscape the front of my building in cooperation with my neighbors.

@Ken Powers...your comment about being "at the mercy of a landlord" struck home to me. I had rented an apartment for 12 years. I recently purchased an older home (built in the early 60s) with a great yard and move in ready at a steal of a deal. I'm encountering a few eccentricities but nothing too major yet.

My daughter and I were discussing just this subject yesterday. We both lived in the same complex and both ended up finding our "dream" homes and moved about the same time. My son-in-law periodically goes by the old place and says we got out at a perfect time. Up until the last year I lived there, the complex was well-maintained and the tenants decked out their little balconies with hanging plants and patio chairs. Sadly, the landlord (who lives across the continent) was not very careful in admitting new tenants as the need arose. To say the area had "gone down" is an understatement. The last straw for me was when the maintenance man decided he did not like the look of the trash cans at the street next to the mailboxes. So he acquired a dumpster, parked it at the very end of the dead end street, and informed everyone that their daily trash would need to be placed in it (after the other cans had been picked up already by the utility company). Fortunately, I had already found my new home and was in the process of closing but for even just those few weeks it was a major ordeal just to get the trash out. My son-in-law told me that none of the tenants appear to be even trying to take the trash to the dumpster; they just leave it on the side of the street. Of course I knew that would happen and tried to warn the property manager but he was obsessed with getting those cans off the street. SMH. Wonder what he's thinking now!

OLD POST

But still relevant. :D

We bought our home in 1980, a year before we were married and I will live here until I die!

I grew up a half mile down the road and the school district is where my dad went, where I went, and where my kids went.

this is just 'home.'

My husband and I own our place, almost mortage free! We lived in rentals along time I"m glad we own! The rentals were ok, but they kept selling which meant we had to move! So ya I"d rather own! Where we live rent starts $1600. for what I call a closer, they are so small! OWN!

I would love to have a mortgage one day!

BOTH! The home we OWN became too big and expensive after the kids left the nest. So we rent it out. We found a rural rental option for about $2k LESS than our mortgage and now MAKE money! Since it's so cheap, we don't mind that we are renting. AND, the headaches of ownership are on the owner. We have our own issues to look after with the house we own, but our tenants are great at self maintaining, so it's a lot easier than we imagined. We are able to use our owned home as our bank and use the equity to purchase a vacay home in another state...write off city! All in all, the returns are great. But living where we want/how we want is priceless!

Own. Need to downsize and is in the process of finding a nice ranch, or cape for that purpose. This will be our last home and we plan to remodel it so that we can age well in it. It will also be a good idea for an aging pet not having to climb stairs.

To dreamhomechicc: Be careful what you wish for. Let's think about it: You could lose your job or be demoted, your husband could lose his job, you could, God forbid become seriously ill, you could have a couple of kids (if not already) and need money for their education and clothing, food, after school activities, tutors, this and that for them, you could have kids and a pet(s), they need care also, you could have an ageing parent(s) to care for, you could have all of the above, the market can crash leaving you vulnerable, etc., etc., etc. I would suggest squirreling away a large chunk of money first, then maybe, maybe considering a mortgage.

We own our house, we need to know that no matter what, we will have a roof over our heads.

I'm blessed that at 82 I still own my home. Interest rates are low now so if you can afford it - buy - don't rent.

We used to own a house, but since our kids grew and moved out of the house, my husband and I decided to sell the house and travel. Right now we are renting 2 Cottages in St Ives; our plan is to stay here for two more years and then move to France, in Bordeaux. It is our dream to learn to make wine. We think that owning a house is a must as long as your kids stay with you after that, everyone is on his own. Life is too beautiful to spend it under one roof. Travel, live, explore! There is so much out there that needs to be discovered. The Comfort zone is a tricky place!

I rent my house

Currently, I am renting a small apartment in the city: two rooms, kitchen, toilet, balcony. In principle, when you work every day, such an apartment is enough to meet your needs.

But I really wanted to buy a house. I even looked for the best places to buy a summer house near NYC on one wonderful site. They painted everything in great detail there, attached a photo.

However, at the moment, I can not overpower such a sum. But I believe that when I save up, I will move to the house of my dreams! There will be a garden, a fountain and many rooms.