Quote:
Originally Posted by Slava
Just out of curiosity then do you think that people should just save up until they can buy a home in cash? I get what you're saying about the solvency point, but at the same time borrowing is the one way that most people can afford to own a home. You can't usually borrow money for free (especially hundreds of thousands of dollars), so your options are limited.
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Clearly that's not realistic for most people. However, most people justify buying a home by saying that you're just throwing money away by renting. What people fail to realize is that in one scenario you're renting a home, in the second scenario you're renting money. (I own a home fwiw.)