Owning your home isn't always the best thing to do.... especially in today's economy. But that's easy for me to say, We bought our house almost 8 years ago before everything went crazy. At one point a year or so ago, I honestly could not have afforded to buy my own house.
The book value of the house is still much higher than I owe on it, so much so that I was able to cash out some equity to pay for home improvements like a new roof and pool work.
We pretty much break even every month and I can't imaine how people cope with the payments on new homes at current market values.
My advice, like this article's would be for people to rent now and buy later. Otherwise you may end up like the poor guy in this picture.
(Picture from the New Yorker)The New Yorker: When owning isn’t better - The New Yorker- msnbc.com
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