4 ms·
graduating from college makes you almost as likely to own a home, by age 36, as someone from a high-income family. I assume they mean "own" in the sense "get a
by contingencies 10y ago
graduating from college makes you almost as likely to own a home, by age 36, as someone from a high-income family.
I assume they mean "own" in the sense "get a mortgage on" not "have fully paid for", no?
- agalarza 10y agoI think they mean paying a mortgage too. Paying off a house by 36 seems to require either a ton of money or a very, very cheap home.
- rosbrith 10y agoOne still owns a home when buying with a mortgage. The lender places a charge on the property while a balance is outstanding, therefore in addition to owning the property you also own the debt secured against it.
- cbr 10y agoThat's what "own" means with houses. You're a "homeowner" after closing, and you are the legal owner of the property, even though you still owe thousands to your bank.
- contingencies 10y agoThat's my point. Debt is not an achievement.
- markwaldron 10y agoI'd love to know their definition of "high-income family"