[jaydub]

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In my case I bought my house for $185K in 2002 and now worth $500K+ but my mortgage has gone down from my initial term ($660 a month to $330 and it will be paid off in 6 months).

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You need to elaborate on those numbers, in doing so I think you will answer your own questions. You clearly do not have a standard loan and have obviously prepayed greatly.

I will say it again, home ownership for the non investor is for utility and practicality not appreciation despite what these past few years have reinforced. As DC demonstrated clearly, over time you get inflation (or less).

J

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Yes, I've made a prepayment every year of my mortgage and at my 3 year renewal paid down a huge chunk while other people have taken out credit card debt and new car loans to pay for their "important stuff".


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Ok so you lived beneath your means and were prosperous. What's that got to do with anything?

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I am not even arguing over the appreciation aspect, as someone else pointed out, it can not be easily realized (ie sell your house and you need to replace it). I guess my point is what is the alternative? When you are 70 years old do you still plan to rent an apartment?


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Actually at 70+, downsizing homes to apartment like dwellings is really common.

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At some point you need to enter the housing market


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Well you don't have to but the utility of it makes it a generally good idea.

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and in alot of cases a mortgage is only abit more than rent


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This is the crux, actually lately no it hasn't been (in just about all major cities excepting nyc's bizzaro verse). This is why you see the economically inclined saying essentially, WTF.

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as someone else pointed out, after 25 years the guy with the mortgage will own a house, and you will own what exactly?

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You are skewing the timeline, it's not never buy, it's why buy now.

J