Quote:
Originally Posted by iheartthed
I don't even think home ownership has historically been a good way to build wealth. 401k programs are probably a more effective tool for that purpose.
I don't think there's anything wrong with wanting to own your own home, but I think people should chill out with the propaganda about it being a tool for wealth generation. At the macro level, it's not really good for that.
|
Quote:
Originally Posted by Chef
Homeowning isn't the best route to wealth creation, the IRA and the 401K are probably the best tools regular people have for that, but it is a good route to prevent wealth depletion. As a homeowner your housing budget leads to ownership over an asset, while as a renter it just pays for someone else's asset.
|
IF you can afford to put enough into a 401k to build wealth over time. Most people probably don't max their contributions (or have employer matching) but still have to pay to live somewhere so wealth/ equity likely comes from their home primarily.
Quote:
Originally Posted by hauntedheadnc
This, plus the fact that urban condos and townhouses are also being swept up by investors and Airbnb operators. In Asheville there are entire downtown apartment buildings and townhouse rows that were built expressly to be used as short-term rentals and not actual housing.
|
I blame the city of Asheville for this. They could have nipped that in the bud but the revenue from rising property values and short-term rental taxes are probably worth it for them rather than accessibility. New Orleans clamped down on this.