Ricechex
“It does seem that owning a house is good for retirement, right? Pretty much you are going to be on a fixed income, so a house that is near paid off seems a good idea.”
It certainly is to me. I am not one of the people who seems to think that making money and more of it forever is a sure thing. Having a house paid for is a hedge against the possiblity that It becomes very hard to make money some point in time. As a renter you have to pay rent forever where as a an owner at least in theory there comes a day when it just property taxes and insurance.Maintenance,especially cosmetic stuff, is generally more optional than people believe.Buying an overpriced,oversized house in the best neighborhood does not necessarily help accomplish anything towards the goal of establishing that hedge anymore than renting does.
You seem to be making progress toward being mortgage free. My recommendation is to stay conservative buy a house when the timing is better. Keep the one you have and maybe over time, pick up a few more rentals.Sell something once in a while if it helps you get in a better position. If you don’t accomplish it sooner in 15 to 20 years you can be debt free, including rent.
Like you, I also have never made much money.Never inherited a penny.I own a nice home free and clear. I am 44,Mesa College drop out.Yes bubble helped. I am convinced that for not so high earners, owning multiple less expensive homes is smart path, even if you want to stay renting.
