4 ms·
Housing is the real secret. If you bought a house 30 years ago in a major metro you’re probably a millionaire
by redisman 5y ago
Housing is the real secret. If you bought a house 30 years ago in a major metro you’re probably a millionaire
- vineyardmike 5y agoSteps to being a millionaire next door: 1. buy a house in major metro in 1985 when they're plentiful. 2. don't go broke and keep a job if needed. 3. stop anyone else from building more homes in town. 4. profit!
- fleddr 5y ago2. is easy, job qualification back then is to have a pulse.
- gruez 5y agoYou can just generalize it to: 1. buy [asset] they're plentiful. 2. don't go broke and keep a job if needed. 3. wait for [asset] to appreciate 4. profit!
- lotsofpulp 5y agoIt is the “buy asset on margin without having to worry about margin calls” with special incentives and protections from government that makes housing special.
- vineyardmike 5y agoalso the fact you can legislate away (via zoning) access to more housing in a way that is hard for the market to correct compared to exchange traded assets
- gruez 5y ago>in a major metro This is the key part, because AFAIK housing overall hasn't outpaced the s&p500.
- lotsofpulp 5y agoIn a highly desirable major metro. There are many metros in the US that have been stagnant or declining for many decades.