Comment

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.

source

Sort:hotnew top

WoodScientist@lemmy.world ⁨13⁩ ⁨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.

source
ellen.kimble@piefed.social ⁨9⁩ ⁨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.

source