Another great for Seniors, horrible for young people statistic. This is why young people are giving up hope of having a future of buying a house to start a family. And why some are turning to Socialism.
I don’t think it’s all that great for seniors either.
My current house cost $440,000 in 1999. We’ve probably put $250-300,000 into it over the years. Its estimated value on Zillow is now $2.4 million.
BUT...
What good does that do for me and my wife? My insurance has tripled in just over a decade, my property tax is higher, and what can I do with a theoretical value that I can’t touch? If I sell and stay in Miami I can only find a similar property, so that would make no sense.
The only benefit is if we were to drop dead, our kids would be able to cash out at the inflated price.