Re: Cat's Out of the Bag

On Thu, 10 Mar 2011, Bruce Geerdes wrote:
> On Thu, Mar 10, 2011 at 1:56 PM, Lance McLain wrote:

>> Did you look at the number of how much you would actually be paying for 
>> your home including interest after the 30 year note is paid off?
>>
>> Now how long would it take you to save up for enough to buy that home 
>> if you were renting.  I would suspect it would take less than 30 years.
>
> Assuming housing prices never rise.

Yes, exactly.  The first apartment D and I lived in -- the one she bought 
in 2002, a year before she met me, and the one we sold in 2010, less than 
a year ago -- shot up in value big-time between the time she bought it and 
the time we refinanced it and began renting it out in 2007.  And it 
dropped maybe only 10% in value between the time we refinanced it and the 
time we sold it roughly three years later.  So if I had patiently waited 
those eight years, saving up while renting etc., I'm not sure I could have 
caught up.  Maybe if the market *really* crashed, but maybe not.

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