That makes a lot more sense and probably why I’ve never really felt it was an investment but told that, ya know that American dream yada yada yada. You’re correct, no way I would want to sell and loose super low interest and be homeless in an area that’s hard to buy back in. All of us that locked in low rates are holding up housing or it’s 2008 all over again 🫣
Discussion
It’s a fine trap. Few can afford rent and to save for 20 years to buy a home with no mortgage, and even if you do that, raise a family in an apartment somewhere so you can have the house you wanted for your family after they’re raised? Even if the older generation who owns their homes sold and accepted monthly payments for their home, where would they live? The banks win again when older folks reverse their equity to pay medical bills while the bank allows them to live in a home they paid for, bought for much less than its current value, the forecasted value a decade on being higher still. It’s criminal, but wealth breeds power which breeds more wealth, and the folks just trying to live bear the burden.