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Most people who own homes either A) have most of their net worth tied up in it or B) have a levered position in its value via mortgage. And many people who don'
by actionablefiber 4y ago
Most people who own homes either A) have most of their net worth tied up in it or B) have a levered position in its value via mortgage. And many people who don't own homes, especially younger people, have pretty much given up hope on being able to own their own home within their lifetimes. The rapid rise in housing prices and rents over the past couple decades means a lot of people are moving - their rents go up and their wages aren't keeping pace.
So, it's somewhat of a luxury to be able to form an emotional attachment to your home, without worrying about its effect on your finances.
- foogazi 4y ago> The rapid rise in housing prices and rents over the past couple decades means a lot of people are moving Isn’t that the rule ? Wasn’t there a huge shift to the US west in search of opportunities? People move all the time to find a better life for themselves You can sit around and wait for your cities laws to revert the market and offer walkable cities, mass public transit, solve homelessness… or move
- actionablefiber 4y agoYour points only make sense from the perspective of someone with the resources and flexibility to move at any time to any place. Many people move because they're priced out of their former dwellings. Many people who want to move to a different area can't because of financial/family reasons.