I know three families that owned and had to move cause they could not afford to live in the house they own (gerrimandering- related…)

owning does not shield you from shit like that, maybe in rural america but definitely not in/around the cities

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9x39 a day ago | parent | next [-]

Almost everyone I know has a significant portion of their wealth in home equity. The renters I know tend to have much lower wealth. This is reflected broadly in the US wealth distribution.

You brought up a good point though, and that’s the trap of being house poor. Too many owners fail to look / have not been taught to factor local property taxes and maintenance costs into their homes. My network definitely has people caught unaware by escrow shortages, siding costs, roof costs, HVAC stack costs.

Despite it all, US homeowners seem to edge out renters, but it doesn’t have to be causative, either.

https://www.aspeninstitute.org/wp-content/uploads/2024/11/AS...

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bluefirebrand a day ago | parent [-]

It is way better to be house poor than to be a renter, because at least the house is generally an appreciating asset

	▲	bdangubic a day ago \| parent [-]
		this is a fantasy people have bought in the last X years because government has done everything imaginable to get people to own homes.

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jjav a day ago | parent | prev | next [-]

> I know three families that owned and had to move cause they could not afford to live in the house they own (gerrimandering- related…)

And this is why, despite some negatives, Prop 13 (California) is so valuable. People don't get priced out of their own homes.

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Aeolun a day ago | parent | prev [-]

It would help if they didn’t buy a home that required them to sustain the same level of income indefinitely? I certainly didn’t buy the largest I could afford.