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BarneyPiccolo@lemmy.today ⁨21⁩ ⁨hours⁩ ago

Owning a house doesn’t protect you at all. Every decade or so there’s a real estate bubble that pops, you lose all your equity, and you have to start over.

Also try not paying your taxes, or your HOA, and you’ll quickly find out that you don’t really own your home, you’re still paying someone to keep it, or the court will forcibly remove you. And if a squatter moves in, they can stay, and you’re paying for the right for them to stay there.

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arrow74@lemmy.zip ⁨19⁩ ⁨hours⁩ ago
That’s if you consider a house a store of wealth.

I consider it a place to live that compared to everything gets cheaper every year. By the time my mortgage is paid off all I have to pay is maintenance and property taxes. Which are a fraction of rent

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- scytale@piefed.zip ⁨19⁩ ⁨hours⁩ ago
  I was shocked to learn that the average homeowner in the US lives in their house for only 7 years. I think it’s due to the nature of how huge the country is and that something as simple as a job change means you have to move across the country and sell your house. There’s also the culture of always upgrading.
  
  I grew up in a place where you usually buy once and live there forever, so equity isn’t really too important. But then again it’s a more centralized way of living where you can stay in place for most of your life.
  
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  - WoodScientist@lemmy.world ⁨15⁩ ⁨hours⁩ ago
    
    I was shocked to learn that the average homeowner in the US lives in their house for only 7 years.
    
    I wonder how much of this is a question of what average is being used. It’s the old median vs mean problem.
    
    Elon Musk and a hundred homeless people are in a room. By the mean, the average person in that room is a billionaire. By the median, the average person is homeless.
    
    I’m really curious whether that 7 year average figure is based on the median or mean. Because I could see it being really skewed by young people in their twenties that move around a lot.
    
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  - ellen.kimble@piefed.social ⁨11⁩ ⁨hours⁩ ago
    I bought land with this mentality. Permanently reducing my costs and investing in off-grid infrastructure to make retirement cheaper.
    
    I think it’s also the culture of seeing real estate as an investment. People buy houses planning on selling after they’ve lived there. I personally don’t think I can tolerate the risk of using equity as leverage for paid off land, because then there’s a risk the bank will take it. I’d rather leverage things I can live without if the bank takes it for whatever reason.
    
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