Renting could never compare to owning, as Equity is the biggest source of wealth for the middle class in the US. Not owning equity to pass on to your kids is one of the worst mistakes you can make. IF you can afford that sort of thing.
How have we screwed up as a society, much less species, when shelter is seen as a financial investment rather than what it is, a thing we literally need to survive?
Raising your kid(s) right is better than passing any monetary wealth on to them. If they grow up knowing that they’re set and will inherit your money/house, they may get lazy and just depend on that wealth. That money will be gone after the 3rd generation.
Your parents zipcode is the best indicator of your success in life. We don’t live in a merit based situation. This isn’t up for debate. Most Americans get most of their wealth as the equity their parents owned that they got from their parents all the way back to the homestead act. My FIL has a nice house. His dad bought it for him with a home equity loan. He bought at least three of his kids homes with home equity loans (no not the one I married) he still owns that home, and his kids do too, and their kids will probably have their parents help them with buying a home. That’s the majorly of net worth of all of these people.
Equity is pointless when your $30,000 roof and $20,000 HVAC break at the same time and you’re taking out a 20 year home equity loan to replace them. (And good luck with the $70,000 windows.)
I don’t know about that - I had my roof replaced (by insurance thankfully) about a year ago, and it was ~26k. HVAC out of pocket a couple years ago was about 15k. Not fun!
Renting could never compare to owning, as Equity is the biggest source of wealth for the middle class in the US. Not owning equity to pass on to your kids is one of the worst mistakes you can make. IF you can afford that sort of thing.
How have we screwed up as a society, much less species, when shelter is seen as a financial investment rather than what it is, a thing we literally need to survive?
Well, as houses don’t magically appear out of thin air, I guess it has been like this since we started building permanent shelter.
Until relatively recently, it wasn’t that uncommon to just go and find some unused land and build a house on it. No intergenerational wealth required.
Unused by white people?
Kids? I’m not a fan of parasites
Congratulations.
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So you can’t afford that sort of thing? Well if you can’t afford that sort of thing, I guess you’d never say you could afford that sort of thing.
Raising your kid(s) right is better than passing any monetary wealth on to them. If they grow up knowing that they’re set and will inherit your money/house, they may get lazy and just depend on that wealth. That money will be gone after the 3rd generation.
Your parents zipcode is the best indicator of your success in life. We don’t live in a merit based situation. This isn’t up for debate. Most Americans get most of their wealth as the equity their parents owned that they got from their parents all the way back to the homestead act. My FIL has a nice house. His dad bought it for him with a home equity loan. He bought at least three of his kids homes with home equity loans (no not the one I married) he still owns that home, and his kids do too, and their kids will probably have their parents help them with buying a home. That’s the majorly of net worth of all of these people.
Equity is pointless when your $30,000 roof and $20,000 HVAC break at the same time and you’re taking out a 20 year home equity loan to replace them. (And good luck with the $70,000 windows.)
Yes, If you can’t afford it, it can be a totally unrealistic thing.
2-4x reality, but yeah…
I don’t know about that - I had my roof replaced (by insurance thankfully) about a year ago, and it was ~26k. HVAC out of pocket a couple years ago was about 15k. Not fun!
It depends on how big your house is.
I paid $10k for a 4 ton 15 SEER AC this summer (this depends on location I suppose). I paid $13k for a normal roof replacement last year.
1600 sqft house.