Originally Posted by catzmeow

I've seen this happening in my own neighborhood. In the past 8 years, home values have more than DOUBLED over what I paid for my house. My neighbors drive very expensive, new cars, they are living in homes that their mortgages are $270K and up for, and I wonder how they can possibly make ends meet.

I drive a crappy beater car (paid for) and owe about 1/3 of what my home is worth on the mortgage because I got a 10 year loan, versus 30. If I had to, as a single mom, I've allowed myself plenty of wiggle room. I could sell it for significantly less than I paid for it and still make plenty of profit. And, if I had to, I could extend the mortgage for a longer period of time. My goal was to have the house paid off by the time my kids went to college. It will be close, but I'll make it.

I really don't know why people feel like they NEED so much to get by. I don't get it. Apparently, I wasn't bitten by the materialistic bug.