07-13-2023, 03:36 PM
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#47
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Senior Member
Join Date: Jan 2006
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Quote:
Originally Posted by Descant
Yes, times change. My father always told me to pay off the mortgage, so that no matter what happened (e.g. Great Depression) I'd always have a roof over my head. A few years ago, the norm was to buy a bigger house every time you got a raise or promotion. Now, people rent or buy a condo instead of a bigger house. Without equity to downsize for retirement, it will be interesting to see how Millennials retire. I priced a local (Nashua) retirement community a few weeks ago--$650K to buy in, and $7500 a month for a couple. I'm not worried. In a few years, my boat slip will be worth that much, and will appreciate faster than inflation.
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In those days, they didn't know taxes were going to be as much as a house payment.
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