That said with an uncertain economy ahead, the country leaning left (increasing taxes and eliminating deductions), and the increasing mechanization of the workforce a paid off asset has a lot of worth.

If you lose your job and your house is paid off, you have a place to live. Additionally you have anywhere from say $800-2000 a month in additional cashflow that can be used for emergencies or to very quickly build up an investment account. More if you consider adding in the additional payments.

I understand that time is money but in my opinion pay off that mortgage. Buy rental property once yours is paid off. Now you have an asset and an income stream in a single investment. The market may crash but people always need a place to live. Someone else is paying your mortgage and once paid off it's an income source going forward.

I'm a simple mechanical engineer but maybe one of you business guys can help me out. My townhouse that cost $130k generates between $1000-1200 per month for me. How much money in the bank do I need to generate $1200 / month in income? Surely a lot more than $130k. I understand there's a headache around turnover and maintenance, but I have a management company do all that for me.