> I think boomers thought they would get rich off the real estate and it’s not really happening.

It would have if they had paid off their mortgages instead of borrowing against equity, refinancing and taking equity out, etc.

If you still owe 70-80% of your house to the bank when you retire, it's not really an asset.

Exactly, it’s not enough to just own it. They find themselves tapping into that sweet equity.

You have to do something with the land even if it means improving your home, paving a road, to increase the value above and beyond the market trend - to live off of! Otherwise you’re a buyer (or borrower) again

Correct, you have to own the house outright which is the first step towards financial independence. Next step is having some investments if you’re lucky, fortunate at least a million-two million dollars above and beyond owning your house.