I own and currently owe $140k on my house that I bought for $220k almost 3 years ago (and also got $8k tax credit). This is in Florida. I was worried for a bit when the value went south, but the value appears to have gone up past what I paid (if Zillow's estimate is to be worth anything) and that's not factoring in the numerous upgrades we've done to the house. I am in the process of refinancing to get a better rate.
Owning has it's serious pros and cons. So much maintenance and things going wrong, it's so costly I don't know if it's worth it. When something breaks and needs replacement you have to make the decision of whether to do it cheaply and just get something functional or spend the money to do it right. Like last year when we had a leak in the shower and we ended up doing it exactly how we wanted it and ended up spending $5k. It's hard not to spend the money to do things right, and in theory it adds to the value of the house, but in the short term it restricts available funds. I've experienced what it's like to be "house poor" quite a few times.
I have a pool, and I think it's complete waste of money, and it needs major work, and it's not even heated, so we need to add a heating solution to make it more useful. There is a heated pool at the community center down the street that we use much more often. But my wife wanted a pool, and once my son is old enough he'll use it.
We plan on selling some time in the next 10 years, either to move to another city or to upgrade (it's only 3 bedrooms).
The nice thing about owning your house is you can do things like install ethernet cable throughout the house. I have Airport Expresses all over the house connected to the wired network and acting as Wifi access points and also using for AirPlay. So I always have a solid wifi connection. The previous owner had installed speakers throughout the house and outside as well. With iTunes Remote + Airport Expresses I absolutely love the music setup I have in this house.
