Self-made millionaire and personal finance expert David Bach says buying a home is an escalator to wealth. "Young or old, you want to own the place you live in," he writes in "The Automatic Millionaire."
Yet more and more Americans are delaying homeownership. After all, it costs more each month to own a home than to rent across all 50 U.S. states.
"The number one reason people put off buying a home is because they think they can't afford it," Bach writes. "More often than not, they are wrong."
Debt-free homeownership is more than possible, he says: "The key to making it all work financially is getting the right kind of mortgage."