16 Jan 2024 5:01 pm
Why would you scowl at someone getting a little equity boost on their home? If you have had the pleasure of paying federal taxes in the 22-24% brackets you know that home saves you 10's of thousands of dollars over time. And with a little luck have the value of the home double or more as many homes have over the last decade. Our last home sell in 2021 netted us over $600k and only owned the house for 7 years. Zero taxes paid on $500k profit.LowIQTrash » 16 Jan 2024, 3:19 pm » wrote: ↑ I’m not opposed to the idea of home ownership.
The part I scowl at is when people say they bought a house and the house appreciated so much etc. when in fact the house was for upgrading your lifestyle (consumption). If you just analyze it from a pure financial POV it’s not impressive.
Regarding your quoted stat it’s because wealthier people naturally want to own at least one house. Owning a house isn’t why they are wealthier. They own a business, have higher paying jobs, etc. compared to renters.
From a purely financial POV, we kicked ***. Disclaimer: the 3 previous houses didn't turn out quite as well, still made money but nothing compared to this one. Timing does make a difference (and being a lucky **** helps)!
The American Dream is dead according to the current headlines, that's kind of sad!