My house is worth double the amount of what it was worth ten years ago. If I were to buy today I couldn’t afford it. I am poorer today than ten years ago.
but you couldn’t buy the Microsoft ultra generative ai copilot llm npu gpt closedai giga mega intelligent laptop 10 years ago and you can now, so you should be happy
While the value of their assets might be higher, it’s hard for that to matter in a practical way. Everything costs more and the bank balance isn’t healthy. The only way for the house gaining value to help with that is to take another mortgage on it and pay for things with that. If you do that, though, you have to pay it back and it doesn’t actually end up helping in the long run.
ObviouslyNotBanana@lemmy.world 2 months ago
My house is worth double the amount of what it was worth ten years ago. If I were to buy today I couldn’t afford it. I am poorer today than ten years ago.
Jumuta@sh.itjust.works 2 months ago
but you couldn’t buy the Microsoft ultra generative ai copilot llm npu gpt closedai giga mega intelligent laptop 10 years ago and you can now, so you should be happy
ObviouslyNotBanana@lemmy.world 2 months ago
Actually that’s just a symptom of the problem manifesting as an implied short term benefit
Eheran@lemmy.world 2 months ago
How are you poorer? Not only do you now own (more) of the house (as in paying the loan) but it is also worth more?
If the value of your house would now be 1/10, would you say you are now far richer?
kn33@lemmy.world 2 months ago
While the value of their assets might be higher, it’s hard for that to matter in a practical way. Everything costs more and the bank balance isn’t healthy. The only way for the house gaining value to help with that is to take another mortgage on it and pay for things with that. If you do that, though, you have to pay it back and it doesn’t actually end up helping in the long run.