Quote:
Originally Posted by CamaroSS_LS3
The #1 priority for anyone should be owning the roof over your head. Sorry but I think anyone who buys a car before a house is a fool. Cars are not investments except for maybe just a few exotic exceptions which if you could afford one of those you would not be asking this question because you would already have a house.
When you rent you pay someone else mortgage. When you buy your paying into your own equity.
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Sorry I have to disagree with you here. You are ignoreing that different people are in different stages of life. For an example, I am single, Not married and no children, I don't need 4 bedrooms and 2 bathroom and 3 car garage. Right now I am in an apartment, the benifts is that I don't have $4,000 a year of property taxes to pay. I don't have waste money on interest rates and insurance either and maintenance is much cheaper. Don't get me wrong, I have the money to buy a house at any time. But lets be real here, with ones morgage payment, roughly HALF of it goes to the actual principle depending on what type of loan you get, the other half is just burned away (intrest rates, insurance, property taxes). IMHO people should stop looking at a house as soley finacial investment, but a place one raise there family for the next 20-30 years, you can't put a price tag on that. Looking at from a strictly financial side, Renting an apartment and investing is far more effiecient, when looking at strict numbers.