Wow, somebody that gets it!!
A Home is NOT an investment, it is shelter, a place to live. Everyone needs a Place to Live, The only reason the cost of Housing continually goes up is two fold,
1. Artificially Lowering of Interest Rates, which lowers monthly payments thereby allowing people to become further enslaved in debt than they would normally have to.
2.The THEFT of Value of Monetary Units of Measurement, (Inflation, the emission of Un-Backed Credit.) which decreases the VALUE of existing Monetary Units of measurement.
I was disabused of the “investment” theory many years ago when I saw people who were planning to use the equity as part of their retirement plan subsequently lose that option...
I’ve seen too much of this idiocy here in SoCal...when those idiots were running around buying crappy tract homes in the desert for $350k+ I knew. Even had folks offering me that kind of money. Told me I could “upgrade” to a bigger house.
Thanks, but no thanks...don’t want higher utility costs, tax bills and payments.
Then the bottom fell out...lots of abandoned houses around for quite a few years...since picked up for a 1/4 of what they had last sold for.
Too much like roulette...