[kdog]

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Well lets see, I bought a $140,000 house exactly 5 years ago at 6% Fixed interest rate. The house is worth roughly the exact same today as it was 5 years ago. My principal has only gone down $4,700 since then. So if I was to sell my house, after real estate commisions I would probably lose a little money. Not to mention all the repair and maintenance costs associated with owning, even in a 5 year old house like mine. If I could do it all over, I would definately rent, sooooooo much easier, and so much more freedom. Not to mention I could live in a nice 3 bedroom townhouse community with swimming pool, 24 hour fitness center, and many more amnenities for less than my mortgage payment. My utility payments would be atleast 30% less in an apartment also

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Maybe you should move out of Michigan. My girlfriend bought the one we live in 7 years ago for $56,000. With two additions and other renovations we've put slightly over $100,000 more into it and carry a $150,000 mortgage at 5.375% fixed (refinanced two years ago). It's now worth over $300,000 and still going up. Buy, don't rent. It's your retirement safety chute if everything else goes bad.