Mythology

I think home-ownership is overrated. When we moved to FairyLand we sold our home and entered a blissful mortgage-free existence called a Housing and food employment benefit. My father-in-law has expressed some serious concern for our future financial well-being. I was concerned briefly. Then I did the math.

We have owned two homes in our married life. The first we sold after 4 years and earned in interest almost exactly the amount we paid in interest and principal in those 4 years. And that was a very good market. Our second home lost us money if you consider the amount of money paid into it over the years against the amount we pulled out of it.

Now, I understand the argument for owning versus renting (though, there is something to be said about maintenance-free living) but I see no benefit in making a monthly mortgage payment and then, somewhere down the road, maybe getting some or all of that payment back over just plain not paying a dime to live. Not to mention living maintenance free. If I'm doing my math incorrectly (wouldn't be the first time), please correct me. For now, I'll live happily debt-free in FairyLand.