4 ms·
Average Length of Homeownership
- beardyw 5y agoIf you have been in a house more than 40 years you may well be old. You have paid off your mortgage, retired, and living, maybe happily, on a lower income. No cause and effect.
- h2odragon 5y ago> Homeowners who have lived in their homes for 40 years or more have an average income that is 46.5% lower than the average homeowning household. Owning a home makes you poor! People who value a home as a home instead of a financial poker chip probably have equally oddball opinions on things like "work / life balance" and fall out of the high earnings rat race for more personal pursuits. Or have multiple homes and fall out of these stats even though they actually live in one place for a long time. I've lived at the same address for almost 30 years, in that time my house has been a tent, a mobile home, and finally a full on two story more traditional construction that might be defined as a house or a big live in kennel, depending. For the purposes of these statistics I think that means I've "moved" 3 times. I think of it as having lived under these trees this whole time.
- mgh2 5y agoBasic correlation vs. causation error. It may simply be that high earners are more able to "upgrade" a home more often or move for better opportunities (remote work will change this), whereas the poor could only afford to buy a home [and stay] decades ago. The common saying "home ownership is your biggest asset" stills holds true for generational wealth - housing is always in high demand and land is in short supply (population growth) But even a house (not land) starts to depreciate at >50 yrs - renovations, teardowns, resale, etc. https://www.budgetdumpster.com/blog/buying-an-old-house/ https://www.budgetdumpster.com/blog/buying-an-old-house/