$10k is way too high for the average homeowner. It may cost that much to paint Space Mountain and all the adjacent rides but not the average house in the US.
Fair enough. Still looking for reliable data for average overall upkeep costs. This link says that over 30 years it's 3.7 times the original purchase price, which seems enormous, so I'm trying to find a realistic figure. http://www.realestatejournal.com/buildimprove/20001003-fletcher.html
I started painting houses in high school, then did a few for my dad over the years. I good sprayer, and my time, and I am out only a few hundred bucks for paint. You have gotten to the point where your being silly here....you only see things through rose colored glasses. You are assuming aggresive returns on your money, the best case scenario for a renter, and you are assuming the worst case scenarios for home owners. Be sure to get back on here in 10 or 15 years and give us a status update.
That is just it....ultimately there is no reliable data. The costs will vary greatly by region, type of construction, your willingness to do some work on your own, or pay top dollar to get it done, etc.
GUYS! this is a "chicken...egg" discussion...you can never win. there is only one thing i can say is a constant in owning your own home...WOMEN. Wives to be more exact. they want to get married, have babies, and have their own home...right? I think probably plenty of guys are content living in a simple place with a big garage for your toys...and a putting green for a back yard... But If we want to get laid more than once a year...we honor some of the little ladies wishes. I am married, but luckily have convinced my wife that i never want to stay in one place for more than 5 years...so i will NEVER buy another house (i have owned 2...hated them both). It all boils down to emotion...NEW CARS are another terrible investment...but people buy them all the time. I think it all goes back to INSTINCT personally. Men and women have an innate need to do different things...one of those things is to have a home...some people need to actually own it and put up with all the crap, before it really feels like a home.
mschey, I'm glad to admit my paint job estimate is too high if you and Convertibility say it is. What about carpets, kitchens and bathrooms? The key figure in the analysis is amortized annual upkeep costs. I've used $5k/yr. People here say I'm too high. Can anyone provide some reliable data for this parameter besides the article that I cited which says it's 3.7 times the original purchase price?
Ah, the pussy-whipped argument. I have tried to keep emotion out of the discussion, but that's it in a nutshell.