"If you're not yet wealthy but want to be someday, never purchase a home that requires a mortgage that is more then twice your household's total annual realised income."
By saving on mortgage payments you have a higher ability to build your wealth foundation through savings which can be invested.
Also, if you don't live in an area where everyone drives sports cars then you won't feel the need to buy one as well as the rolex, i-phone, etc that come as accessories for that lifestyle.
You can rather buy and live somewhere where you can keep up or ahead of the Jones's without overextending yourself with a hyper-consumption lifestyle. This is the philosophy of more then 80% of America's millionaires!
