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> But in practice you are not really wealthier than someone who owns a £200k home in a village. Yes, you absolutely 100% are. You could sell your London home,
by morgante 11y ago
> But in practice you are not really wealthier than someone who owns a £200k home in a village.
Yes, you absolutely 100% are. You could sell your London home, move to that village, and live off the proceeds.
Saying you aren't wealthy because you happen to live in your biggest asset is delusional (and part of a dominant political narrative promoted by the homeowner class).
Consider what would happen if a major financial bill struck each family (like, $500k). The London family might be forced to sell their flat and move into an apartment (or move out of London). The village family would lose everything they own and still be in debt.
- cm2187 11y agoWhere would 1,000,000 londoners go? This is purely theoretical, which is exactly my point. On paper they are rich, in practice not to much.
- morgante 11y agoThere are tens of thousands of cities around the world they could go to. They could even just stay in London, renting instead of buying. I would much rather own a $1m house than a $200k house. Pretending otherwise is just ridiculous.