Quote:
Originally Posted by jyl
The American system is designed to encourage home ownership; mortgages are fixed rate for 30 years, almost unheard of in other countries, and subsidized by the federal government through the various agencies that effectively fund and guarantee mortgages and through mortgage interest tax deduction plus basis increase for cost of improvements.
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I think the primary benefit is forced savings, the mortgage payment can't be missed. Renting and investing wisely would also work, but people lack discipline.