Quote:
Originally Posted by DaFace
It's a tough problem. People who own homes gripe about taxes and insurance, but (at least in theory), those are driven by your wealth increasing from equity in your house. Again, in theory, all you have to do is sell your place, and you'd be WAY ahead of where you would have been had you never bought at all (even accounting for all the taxes and insurance).
Meanwhile, younger generations can't afford to buy homes at all because the prices have increased so much, so they aren't building wealth at all.
Overall, you're far better off owning than renting in times of rapid appreciation of real estate, but you have to be willing to sell to take advantage of it.
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I keep getting emails about the 80k in equity in my house. Zillow says it's worth 275k, the county says 250k, the bank says 210k. I know a couple of those aren't the best indicators but i think something is lost in translation here.
I'm thinking about doing the reappraisal once my new roof, gutters and siding are done.