> It also implies that when a house reaches 22 years it is instantly knocked down and rebuilt I don't think it implies that. It just implies that the real-esta

> It also implies that when a house reaches 22 years it is instantly knocked down and rebuilt I don't think it implies that. It just implies that the real-estate market values the land about the same as the land and house combined. Of course the current inhabitant might well value the house more than the market - selling a house and moving (or demolishing a house and rebuilding) is inconvenient and includes a lot of hefty fees and taxes after all - which is why people continue to live in their homes for years or decades after the value of the dwelling drops to nothing and even turns negative.