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To Buy or to Rent?

CNN has an interesting article.

Renters only win (long term) if they invest their savings. At this point, even that doesn’t work, with home prices being so low nationwide. It’s time to buy, they say.

I always considered paying a mortgage to be like putting money in the bank. In a “normal” housing market, that would be true. Eventually you get it back (when you sell). Of course I live in Mississippi, where we never had a “housing bubble.” For someone who got a $400,000 loan to buy, then watched their home value shrink to $150,000, the bank analogy doesn’t hold.

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