Living Quarters

I saw a "Utah" quarter this morning. It sends the mind in motion to that day a long time ago when, getting what turned out to be a "Delaware" quarter in my change, I complained to the clerk that the said coin was not United States and must be from some foreign clime -- say Cambridge. The clerk, nun-plussed, explained to me that the coin is from a new series, "Coins depicting the states in the order that they joined the Union," she said. "Delaware is the first one. I'm going to collect them."

I asked her how to get them and she said, "In change. Over the next NINE years. They will do this until 2008".

2008 sounded so high-tech and space age. So far into the future that is was "un-fathomable". Yet it turns out it was all a "nonce", the flick of a hummingbird's wing: it was no time at all.

What it IS, is nearly 1/3 of the way through a thirty year mortgage. And to that end, I contemplated the financial implications of two souls over these last years --a renter and a buyer. The renter has paid $1,000 a month (let us be generous and not factor rent increases) for those 9 years or $108,000 to "the Man". The "newby" buyer in 1999 paid 150,000 for his modest home. He pays 800 a month in a mortgage and 200 in taxes and insurance. He has paid $71,000 in interest and $21,000 in taxes. That is $13,000 in tax savings (money not given to Uncle Sam). He has paid himself! (yes!) $15,000 in the form of the principle on the loan. And -- his property is worth about 25% more, or, conservatively, $35,000 more.

The numbers speak for themselves. I invite you to speculate in YOUR corner of the world. In my corner, The renter has spent 108k; the owner has lived in the home and is -- balance "sheetwise" -- $63,000 wealthier for the same cash out efforts.

That's 252,000 quarters. Now, if you can find a "Hawaii" in there, I'll be happy to trade you a "Utah".