4 ms·
That is a logical fallacy: owning a home != buying a home, inheritance is a thing.
by polygamous_bat 5y ago
That is a logical fallacy: owning a home != buying a home, inheritance is a thing.
- sidewndr46 5y agoTo reinforce this, if you follow the links it states > The term "home-ownership rate" can also be misleading because it includes households that owe on a mortgage. Depending on your credit score and your down payment, you can wind up functionally renting a home for many years even if you "own" it on paper. It isn't until the final years of a 30 year mortgage that you actually significantly pay down the principal. As long as interest rates remain low and the credit requirements are lax, most of America can in fact "own" a home. Expect prices to skyrocket, as buyers become more and more decoupled from the cost.
- marcusverus 5y agoThis doesn't really contradict my point. How do these people have mortgages if they're incapable of affording a down payment?
- marcusverus 5y agoOnly ~30% of people receive an inheritance, at an average age of ~50. But folks in their 50s already have a homeownership rate of >60%. I doubt inheritance has much of an impact.