Has buying a house become such a great deal anymore?

Housing prices in my area have skyrocketed over the last ten years. I pay 700 for nice 2 bedroom apartment. A minimum house payment in this area would be over 1300. 220K buys you a small condo in this area.

People tell me it is such a great investment, but you never know what could happen to that investment. Look what is happening in Detroit. Plus 1200 is for the mortgage when you add in another 3000 per year for taxes, plus the insurance, plus all the repairs it is going to need over thenext 20-30 years. Is it really worth it.

I have so many relatives that brag how much their house is worth but they don't have two dimes to rub together.

I began putting the extra 500 i would have been spending into tax free investments. It think that is the way to go long term. Plus when I get older I will be able to more easily move around and travel rather that be married to a property that will continually need work.

house values will double every 20 years it seems

my investments whould double every 8-9 years

1. Owning a home is the best protection possible in eras of rising inflation. You may be comfortable with your present rent but that can change at any time. When that promotion finally comes it invariably results in relocating to a more expensive area. In this scenario your ability to buy a home will decrease unless you have some equity to move into the new area's housing market..

2. Regardless of you present age, at some future point you will be on a fixed income and that is the time when the impact of inflation can be devastating, particularly on a big ticket expense such as housing.

3. It does not take a rocket scientist to estimate the future economic viability of an area of the U.S. - southeast and west are projected to remain good. Central U.S. flat or down. Do the research and when you can buy in any area that is not declining or projected to decline. You will never regret it.

Do you have a question? Apartment life is fine for some people. I, personally, am sick of it. I want a house. My son needs a yard and I need a garage. I also want something that belongs to me that I can decorate or remodel however I want. I don't want to feel guilty or feel like I'm not going to get my deposit back because I put a nail in the wall. In the area I live in, my house payment will be around $2000 a month but it will be totally worth it. I HATE apartment neighbors. They are always so rude. You never know what kind of person is going to move in next door. As a parent, I totally understand the reasons for preferring to buy a house instead of renting a crappy little apartment.

I don't know how much help I can be with your question, but all I can tell you is that I can relate to your views. I think it's much wiser to invest in Blue Chip investments. They're much safer, overall, compared to a home investment.
I just posted a question about guared-gated communities in FL and I am trying to get some feedback. I am looking at them, but more and more I think it's a total scam--all for the sheer investment on the communities' benefit rather than the residents'. I don't know. I think it has to do with when you buy the home. Right now, it's not such a hot idea, but in time it's going to be a good investment. Just like the stock market, the housing market will turn around. It's just in a slump right now.
I don't have a house payment or a rent payment. I live with my senior father. He has a 3-bedroom house and he's all by himself, so why not? I get to have my old bedroom and I don't have to eat out like I used to when I was living in a one room arrangement in another house. It seems to work. I just invest in stock. I think that for the time being, that's the way to go. My opinion, of course, while most would disagree with me and snicker about the fact that I live at my dad's house. I don't care. He needs the company and, hey, that's more money in the bank for me, so, why do other ppl need to worry about that? I have a full time job and I get to save 90% of my paycheck. Plus, his house will be paid off in a couple of years, so, it works for both of us. Can't complain.
I totally agree with your point. I think it is a combination of sacrifice, common sense and living within your means. I am a woman and not many women live within their means. I am a rare bird, for sure.
Rent the apartment and keep investing. You're a smarty for doing it the way your judgement tells you.
Take it easy.