http://www.youngcheapliving.com/2012/08/07/6-reasons-to-not-buy-a-house-even-if-you-can-afford-it/This seems like a decent enough site - promoting living cheaply - but I find a lot of the points in this article flawed.
"2. It Is More Expensive, I Repeat, More Expensive Than Renting
This is where people are wrong. Yes, my rent is $725 per month. Yes, I could probably get a cheaper payment on a 30 year mortgage if I bought a house. BUT, that doesn’t factor in all the maintenance and upkeep that I would have to spend on that house. It doesn’t factor in the increased cost of utilities or all of the new furniture, new interior decoration and junk that I would “have to” buy to fill up the house. If I moved into a house today, I would fill up the living room and one bedroom, since that’s how much furniture I have right now. Sure, I could hit up the garage sales, but you know as well as I do, when I own my own home, I’m going to want that place to be nice. I’m going to spend money to make it that way. The bottom line is, owning is more expensive. It just is. Care to argue? Sounds good to me. Let’s talk."
I don't know about you, but when I consider buying a house, I do take into account the maintenance, taxes, and fees associated with it - and I don't have the "need" to fill it with more stuff, nor do I have the desire for more house than I would actively use.
"4. Owning a Home Can Make You House Poor
When you buy a home and a significant amount of your income goes to paying for it each month, you are what is known as “house poor”. Sure, you have a nice house and it sure looks fine and dandy on the outside, but on the inside, you are sweating over how you’re going to get the money to fill up your gas tank this month. Ouch, that’s not a position I want to be in. I’d much rather be renting a crappy apartment, knowing that I could write a check for a full year of rent without flinching. I’m not apartment poor. I can get out of here anytime I want with 60 days notice or I could turn around and prepay an entire year just so I didn’t have to worry about paying rent each month. It’s a great feeling!"
This, strangely enough, would also not be an issue for me. I would never buy more house than I could easily afford.
Does this article apply to the majority of people? If so, wow...they should teach basic finance in schools ("See Spot spend. Spend, Spot, spend! See Jane save. Save, Jane, save! Oh no! Spot has an underwater mortgage. Spot has to declare bankruptcy. Jane retires comfortably at the age of 28.)