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Originally Posted by mufi_02
I don't think in terms of making a profit. I want to build equity and by the time I am 55-60, I would be done paying off the mortgage and then don't need to pay any rent/mortgage during retirement. Think about in that perspective. You don't want to reach your retirement age and still keep on paying rent indefinitely.
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mortgage isn't the only cost. You have to consider property taxes, insurance, utilities, water, and the cost of upkeep, which as your house gets older could significantly cost you money and time.
By age 60, hopefully your kids are out the house, in which case I would rather downsize to a small apartment, pay rent, and enjoy what lttle time i have left on earth.