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Politics : Formerly About Advanced Micro Devices
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To: 5dave22 who wrote (115095)6/8/2000 9:33:00 PM
From: chic_hearne  Read Replies (3) of 1571453
 
Re: You own a house at 23? All of a sudden I feel like a failure. Good for you though.

Dave,

I didn't really have a choice. I live in a strange town because it's in the middle of nowhere with a TON of money. About 8000 people at IBM and over 30,000 working for the most prestigious hospital in the world. We're probably the only city in the US with under 100,000 people that has an international airport. There aren't many apartments. It came down to paying about $100 more a month if I bought a house. Besides, then I could get roommates to pay the mortgage. I pay $29.60 a month on my mortgage.

If I added all the rent I paid from 23 to 30 ... uggh

Building equity in a home is the biggest farce. After 5 years I will have paid over $60,000 in mortgage payments, but increased my equity by far less than $10,000. It really surprises me that banks can actually convince people that a home is an investment (I guess that shows how smart people are). If the real estate market crashes (it always does eventually), a lot of people end up stuck in their homes because they have more on loan than they could sell their house for. I feel OK about my house because the hospital is building four 13 story buildings this summer, adding another 7000-8000 employees. This will only add to the real estate crunch currently going on. Hospitals always have business regardless of the economy.

chic

PS- I just pulled out my amortization schedule. After 5 years I'll have worked down $6024.29 from my loan while paying $61,776 total. Great deal, huh?
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