But of course you need somewhere to live. If your life circumstances aren't set up for full time travel, then renting is a much more logical option.
Even if your house is bought and paid for, look at the money that still goes out the door...
Property taxes. Of course they vary depending on your location, but when we sold our house 6 years ago we were paying $200 a month in property taxes.
Maintenance and upkeep. There's always something expensive that needs to be fixed or replaced. New garage door, new furnace, new roof, new fencing...always something. Always.
Decorating. Many people spend a fortune on decorating. Especially if you have to pay someone to do it for you. Not so bad if you're doing it yourself, but then it's very time consuming.
Here's our house that we sold in 2007...
Hey, there's the little blue car!
We used to own all of that "stuff". I don't miss it at all.
Of course if you're independently wealthy, then none of this makes any difference to you. But if you're one of the millions of people working day to day just to pay the bills, then you maybe want to reconsider this home ownership thing.
Many people think homes will continue to go up in value as they have done on a regular basis since the early 1960's. Of course the U.S. housing "crisis" made many people rethink this trend, but now people are getting complacent again because prices have temporarily stabilized and are some regions are starting to to rise.
I believe this will be a very temporary thing. Did you know that housing prices in Japan have been going down for the last 20 years? Sure there have been a few annual blips of rising prices, but the general trend is down. Have a look at this for a reality check...
This chart shows Japanese house prices since they peaked in 1991. That's the red line. The blue line shows American house prices, about six years after they peaked in 2006. And the black line is Australian house prices since they peaked in mid 2010.
Our generation has never lived through housing deflation. They think houses only go up in price, never down.
Many people were shocked when their houses went down in value. I don't think the shock is over yet.