> Why do you say homeowning was the path to wealth?
Americans are terrible savers. Mortgages force people to save. And while houses aren’t a great savings vehicle, they do—on average, in industrialised societies—appreciate alongside inflation [1].
Buying a house won’t make one wealthy. But it will force good habits that tend to make one wealthier.
Americans are terrible savers. Mortgages force people to save. And while houses aren’t a great savings vehicle, they do—on average, in industrialised societies—appreciate alongside inflation [1].
Buying a house won’t make one wealthy. But it will force good habits that tend to make one wealthier.
[1] https://www.amazon.com/Safe-Houses-Historical-Analysis-Prope...