Diego, I agree with you 100%. There’s no way someone like me is priced out of the market forever – I mean really, in the long run, who the heck else is going to buy a one-bedroom condo other than someone like me, or an investor who will be expecting cash flow? It’s just really sad to see the way that some otherwise intelligent people my age have bought into the “it’s now or never” hysteria. And the tax deduction thing is a pet peeve of mine – my friend, a fellow CPA none the less, just bought an extremely overpriced home because they “needed the tax deduction.” Obviously, your incremental tax deduction increase due to your mortgage interest should play into your rent vs. buy analysis, but you never spend money just for the sake of a tax deduction.
Sorry this is such a delayed response – I was out enjoying my weekend being a suicide-loan-free kid.
