Home ownership is still preferred over renting by about two-thirds of people in the United States. And roughly 40% of homeowners own their houses free and clear.
But a house is never truly “paid for” because they don’t last forever without regular maintenance, upkeep, and updating,
The average life of a roof is about 15 years. Most appliances tend to need replacing in about ten years.
Critical system components such the furnace, air conditioner and water heater can require immediate replacement at any time.
During the term of the popular 30 year mortgage one can expect to repaint the house inside and out about three times.
The point is, that even if you stay put, you are always in somewhere in the process of buying a new house.
Some buy a new house all at once
Others are buying theirs over and over again one piece at a time!