I understand the math, but I feel like debt is a huge weight on my shoulders.
I grew up with parents who were constantly in more debt than they could handle and constantly reminding me of it. I would rather not be anywhere near that situation again, even if keeping moderate debt would've worked out a little better in the long run.
I have a pretty sizable mortgage, and it doesn't feel any different to me than renting, other than I am responsible when things break or stop working. The monthly payments are similar if not less than renting.
There are huge upsides, such as that my payment is locked in (I have a fixed rate mortgage), so no egregious rent increases, and we can do anything we want to the house (remodeling, landscaping etc.) to make it our own.
The only way you can get hosed is if housing prices drop and simultaneously you are forced to move, which doesn't seem too likely for me. Many people got crushed in the housing crash, but generally that was because they took on loans that they couldn't afford, with an adjustable rate loan, or they were planning to flip the house and got caught holding the bag when prices plummeted. Those who bought for the right reasons (a place to live rather than an investment) have no downside to their house being worth less than when they bought it.
I guess you could say I am at peace with my debt, in that I don't lie awake at night worrying about all this money I owe, since I'll never have to pay it all back at once anyway.
This resonated with me because I feel the same way and grew up with similar parents.
I'm actually in the process of a cash-based home buy... the potential extra earnings of not fully owning my home aren't worth the mental anguish it would cause.
I grew up with parents who were constantly in more debt than they could handle and constantly reminding me of it. I would rather not be anywhere near that situation again, even if keeping moderate debt would've worked out a little better in the long run.