On: The Suburb of the Future, Almost Here

[fuzzybeard]

But after 15 years my house is paid off. With renting, you're paying for the rest of your life. After my mortgage I only pay taxes and upkeep which is a fraction as much.

[gozur88 → fuzzybeard]

Sure, but you could buy something that isn't a detached, single family house.

When I moved from my apartment I bought a house (no mortgage). When I add up extra utilities costs, taxes, insurance, and maintenance it comes up to about 75% of what I was paying for rent.

[WalterBright → fuzzybeard]

If your house was converted to cash, and that cash invested at, say, 7%, that is what the "paid off" house is costing you.

[taway_1212 → fuzzybeard]

It's not a matter of renting vs buying. In many other countries, just paying off the mortgage for a flat will take 15-30 years.