Owning a house.

[celiboy]

Keep in mind that when you buy a house, the cost of that mortgage will be less and less every month that passes. Firstly because of the time value of money - i.e. $500 on month 1 is more than $500 on month 60 of a five year mortgage in $'s adjusted for inflation - Secondly, you would presumably be making more in 5 years, so as a % your mortgage payment will be less.

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). Meanwhile renters here are looking at $1000 per month for a crappy 2 bedroom apartment which would have gone for $400 5 years ago. Who would you rather be? The home owner or home renter?