Reader: Buying a House in Denver Isn't as Good an Investment as You Think
The issue of current housing costs in the Denver area remains a hot one — and so, too, is the debate about renting versus buying.
We recently posted about a RealtyTrac survey showing that renting a three-bedroom property was more affordable than paying the mortgage on one in three of five metro-Denver counties.
Plenty of readers felt this finding was hooey. But one questioned the common wisdom that buying a house is a great investment.
Here's what he had to say.
David Thead writes:
Send your story tips to the author, Michael Roberts.For more memorable takes, visit our Comment of the Day archive.
Your primary residence isn't considered an investment for tax, accounting, or financial purposes. It doesn't count towards your net worth as an investor either. It's also a bad one....
If you invested the money you saved every year from not overpaying for a home, and invested it index based funds then your money would appreciate much faster than it would in a home.