Why does home ownership on its own matter? Net worth is inclusive of housing and assets and debt. And net worth is a direct measure of the wealth that is being built.

Because homes are pretty much the only asset a millenial would have at that time that would have grown over time. a 08-9 graducate wouldn't really have much money to spar for stocks unless they made really lucky bets or happened to mine a fewbitcoin they forgot about.

Most all else would have inflated or depreciated.

As a thought experiment would you not feel (much) poorer if houses suddenly cost >$5 million tomorrow and you didn't own one yet? Even if everything else cost the same? Even if everything else cost the same and your net worth went up $100k?

Someone posted this already but a more useful "net worth" is how big of a shock can take without paying multiples on the sticker price.

And even homes are now sieving into institutional buyers.

https://medium.com/newco/your-financial-shock-wealth-4845e6d...