I grew up living in rentals, always at the whim of the landlord, and it gave me a sense of insecurity. Because of this, I was driven to own my own home in order to experience the security of never having to move again unless it was my desire.
There's another good reason to own your own home. It's like money in the bank when you reach your retirement years and want to move into smaller digs such as an apartment. By then there should be no mortgage against the house and the money you get when it's sold is pure profit. It is the best investment you can make because you live there while paying it off and then will have cash in your pocket when you sell it some time down the line.
My husband and I were cautious home owners and didn't move up as our finances improved, preferring to pay the house off quickly instead. My house was paid off in 1980 so I've had 32 1/2 years of mortgage free living. Instead of moving "up", we chose to make improvements on our existing house...all of which increased it's value, too. I've always looked on my house as an investment that I could draw on in my senior years instead of a showpiece which might not be paid for when I wanted to sell it.
I'll be selling the house in 2015 and will walk away to a new phase in my life without a backward glance. The only thing I'll miss will be the fantastic neighbors I have here but I hope they'll continue to be friends I can visit with once in a while.
Young people need to understand that they won't always be young with a long future ahead of them. They need to plan for that distant future because it will arrive whether they like it or not and a comfortable old age is very nice indeed!
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