Ah, okay. I know some of those European countries have very non-American home ownership patterns.

I've owned my house for 25+ years and almost all of that was in a low-inflation environment. Suddenly with high inflation I'm seeing a huge benefit of home ownership. I watch my home value estimate on Zillow and it's been in a big spike upward over the past 6-12 months. Some of that is normal housing, but I bet a lot of it is inflation. So my home equity is serving as a nice inflation hedge.

This is a little flawed. Saying you own your home outright that happens to be a $10k mobile home is way different than paying off a $500K home.

Maybe that doesn't matter. Having a place to live thats paid off gives a person security. I got mine paid for around age 54 and I won't borrow against it. I know the equity is trapped but I'm OK with that. The value of the property is still growing 5-10% yearly.

It's nice to know that I could pay off my mortgage if I wanted to, but I'm in the group that would rather have that money working for me.

I'm in my early 30s and have yet to begin the process of purchasing my first home. A lotta bit of what SuperChief mentioned earlier has been an issue. Surging housing costs in a major metro area are a big issue and, admittedly, it did take me quite a long time to secure a job that paid what I'd consider a good wage after school.

In retrospect, I definitely should have bit the bullet a few years back and just bought. Even if it was a town home, I'd be in a much better position now.

Issue was, I was stuck on wanting to save up a ton of money for a down payment thinking it'd be smart to reduce the monthly cost (particularly PMI). I know now that that is generally not a great idea and that money is better spent elsewhere; but I never had any guidance from my parents in the whole process so I'm learning everything on the fly.

Like in most situations, I wish I knew then what I've learned now.

I am very dumb. Thank you.

Definitely interesting watching House Hunters in Europe and seeing how different things are there.

We paid ours off first time in '04. We used it as collateral to buy a lake house. Paid it off in '09. Refinanced it to buy college house for daughter in 2016, then refi'ed again last year to buy house to rent to son & daughter in law.

We'll see when we get it paid off again.

It’s been over 6 years now since I’ve had a house payment (or any other debt). I am beginning to look for retirement properties in the Charleston, SC area and loathe the idea of once again having a mortgage. However, I may loathe that idea less than selling off investments to buy it in cash. It’s a hard call for me. However, If rates keep climbing, the call will become much easier to make.

My house was paid off by the time I was 45; back then, interest rates were pretty high and I got the shortest period I could afford. I think it was around 8%. My first car loan in 1981 was 16 2/3% so that seemed like a deal. Paid off a second home in 2009. I'm not rich however I drive older cars and live within my means.

As far as the tax deduction goes, I like what my father said about it: The money is still gone! Lost him in 1982; damn, been gone 40 years. Miss ya, dad!

We currently owe about 60k on our house. We have been looking at the market and we could likely sell this house for at least 300k currently (likely more with the area/upgrades/market). I can but 3 1/1 condos in Playa Del Carmen for 250k. Live in one rent one out monthly and one out Air BnB.

I was thinking about doing this as well. I have enough equity in my home now, I think I could pull it off. I'm just doing a little bit more research.

House was paid off at 51, farm will be free and clear in 2 years. Could pay it off now but no hurry.

Pity the next round of real estate buyers with Interest about to start rocking up fast and prices crazy high

You know, I keep hearing the crash is coming and doom and gloom and I'm just not seeing it. At least in the lower end market.

Rates have gone up and houses are still flying.

It’s early. It takes a bit for COL inflation to outrun wage inflation. But when it does it will be ugly for those that are stretched.