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greyAbbot t1_ja9wl1j wrote

Real estate can be a great part of a good financial life plan, but it will only make your life better if you actually want to live somewhere that affordable real estate exists, and you are okay with (or even like) taking care of a house or condo and possibly a yard. And also if you are sure enough that you want to live there for at least 5 years, which is about the minimum time you can own real estate that you would come out ahead financially if you decided to sell.

If owning a home or condo doesn't seem like something you'd actually enjoy, at least for now, then it's unlikely to improve your quality of life to buy it anyway because you think you are supposed to.

Just be aware that one of the reasons people who own real estate tend to come out ahead is that a mortgage acts as a kind of "forced savings" because you are building equity over time, and later in life you can pay off your house and lower your expenses, or even sell and downsize to get cash. So if you decide owning real estate doesn't fit your lifestyle, you can still have a great life but just be aware that sufficient retirement savings are even more critical because you need to plan for paying rent throughout your life.

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