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March 26, 2007


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I'm the reader who asked. Even with buying something affordable, able to max out retirement, 20% DP, and extra payments, I think my insecurity, stems because we have no retirement savings. We started out late because of graduate school so we have a house without retirement because we weren't eligible.

When you bought a house did you have retirement already going? I enjoy our house and it's not an investment. But I wonder if we should not have bought and instead kept everything invested? But there is no right answer.

I am literally green with envy. I read your posting and understand the words, and have friends who did exactly the same thing (and I think my parents did as well), yet I cannot follow through on this.

I vow to try again, you have inspired me, if not shamed me into trying again!


LAL --

Yes, I had retirement and home payments going at the same time. See above.

Could you give details on percentages of mortgage to your income and ratios of that nature?

I'd like to try to do this, but in the area I live, the starter home can be $750K. Now my income is adjusted quite a bit to the cost of living, but it's not like I make 3 times what I'd make in a place with a $250K home.

For this reason, I still choose to rent as rents are (in comparison) around the same as in places where homes cost $250K. Thus I'm making more income, but temporarily giving up the dream of owning a home. Within the next four years, I plan to move and have a huge head start from the savings I'm making from increased income now.

Wow. I'm just amazed at a "starter" home at 750K.

I live in Michigan and we built our house in 1996, putting 25% down and taking out a 180K mortgage. We refinanced in 2003 (to a 15 year loan) and have been making extra payments since then. We should be paid off in 2016 -- so that's still twenty years of payments. I'd like to bring it down further, if possible, so I'll go back to crunching numbers.

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