[yespkorg]

Owning real estate in this county is replete with geopolitical risk, the cost of ownership (including tax) will only get more odious, and the opportunity cost for the capital warrants renting or an alternate arrangement.

1) Geopolitical risk

a) Eminent domain - what more need be said
b) Civil forfeiture - has been more broadly applied as of late
c) Strategic blunder - having an illiquid asset in this country hinders one's mobility. It becomes an excuse to stick around when one would be better served to flee. Furthermore, if one had to abandon property, one opens one's self up to adverse possession claims, and it will be a huge chunk of money that one cannot use to start a new life.

2) Cost of ownership

a) The rule of thumb is that the cost of maintaining a house averages roughly 2%/yr. Expect this to increase as real estate depreciates in real terms, and the cost of raw materials increases.
b) Property taxes - state and local regimes have become more desperate and are easy targets for states to pass on budget cuts. Property tax is seen as progressive because the ownership of real property is seen as a sign of wealth. Why paint one's self as a target?

3) Opportunity cost of capital

Even if real estate were somehow to miraculously hold its nominal value, the opportunity cost of doing so will likely be odious as inflation ravages the economy. Furthermore, in an illiquid market such as real estate, there might not even be a bid at any given time, so even if one were to decide to liquidate, it could be years before one has a cheque in hand.

This country is pretty much fucked, so act accordingly. As I told my parents: anyone who doesn't cash out and jump ship does not deserve a red cent in remittances.