[kaila]

I own, and have paid off my mortgage. I am happy with my decision. Renting has its pitfalls. You have crazy landlords, you are subject to inspection, you cannot have pets, you may be told to move with only 30 days notice.
If you pay off your mortgage, you only have to worry about property tax. If you rent, the cost of living will increase to a point that you may not be able to afford the rent in your retirement years.
I have seen this with a sibling. He never bought, his landlord is a very nice elderly woman, but once she passes the property will go to her daughter, who may sell it or yank up the rental price. He is living in abject fear of this, because the cost of rentals in his area has risen dramatically. If he owned, his life would be more stable.
The trick is to buy a modest home, and not buy more than you can afford. Fix up your modest home, and it will be worth more as time passes.

[Alberta's Child]

If you pay off your mortgage, you only have to worry about property tax. If you rent, the cost of living will increase to a point that you may not be able to afford the rent in your retirement years.

In some parts of the country there is a whole different factor at work, where seniors can't afford to stay in their homes because they can't pay the property taxes.

[ChildOfThe60s]

Our single daughter (who actually does residential and commercial property appraisals as part of her job) decided to take advantage of the lunatic tax credit and buy a home at that time.

By purchasing a little post WW2 bungalow 2/1 with large back yard in a low crime working class neighborhood, she now has a fixed housing outgo which is half of comparable rents in that city. She predicts that the house will neither gain nor lose market value, which is fine with her. If inflation drives up rental prices she is protected. Her property taxes are already at the max millage allowed by law, so by having an essentially stagnant market value, she has a pretty firm grip on that aspect of living cost.

She absolutely rejects the notion of buying more house than she needs just because (right now) she can afford it. The other day she told me that she has 1 year living expenses in savings, at a reduced living standard, of course. Yeah, I’m bragging /grin

[bgill]

The trick is to buy a modest home, and not buy more than you can afford. Fix up your modest home, and it will be worth more as time passes.

And will be taxed more and more and more as you fix it up and time passes. Eventually, you'll be taxed out of your home and then what? That's where our neighborhood is.

[reefdiver]

I bought a modest house, fixed it up real nice, did landscaping etc.
values have dropped about 10% I don’t know why. In coming up with a sell price an agent came over with 3 comps and priced my house below what I will accept. She said banks won’t lend on a house over the comps no matter what you’ve done to your property. That statement just startled me.
We’re about 20 g apart and I’m kinda stumped. It’s the nicest home in the neighborhood and I want my price.

[BunnySlippers]

I call it “living below your means’. I think it’s a smart objective.

[huldah1776]

Your home will be worth more as time passes but will it be worth more than what you paid for it over 30 years with interest?