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Reply to "If paying off your mortgage is dumb, why do so many rich people do it?"
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[quote=Anonymous]Housing costs have shot up in this area since 2001, obviously with peak being 2020/2021. For some people at certain phases of life, that meant stretching to buy modest homes at high prices sometimes with great rates sometimes - 2022 - with not great rates. It's one thing to pay for 30 years if your monthly payment is 2-3k, its another thing if its 5-6k due to house cost. Most people cannot continue to pay that on a retiree income, so their option is aggressively pay it down early while earning, or sell & move to lower cost of living at retirement. Not everyone wants to downsize or leave, so if their choice is invest or pay down the mortgage, some might pay down the mortgage to have housing security in the area they want at retirement.[/quote]
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