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Originally Posted by sperry
In addition to the comments above, why would I want to own a POS house? Owning a house just to own a house is retarded.
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The biggest reason is that paying rent every month is simply pissing money away into the wind... you might as well just set it on fire for all the good it's doing you. At least if you're making a house payment instead, you're building up equity. If you're going to be in an area for a long time, then after a set period it becomes a real financial advantage to have bought something vs. just continuing to rent. Play around with one of the rent vs. own calculators... fun with numbers.
http://realestate.yahoo.com/re/calculators/rent.html