I see it stated a lot in social justice circles that the path to building ‘generational wealth’ is via home ownership, but having lived with homeowners, that doesn’t seem to make sense. From the outside it looks like something you throw money into for decades, and then die and the bank takes over. How does just having a mortgage start to accumulate wealth???
In: Economics
The alternative to home ownership is renting. When you finish paying off the home, that home is yours to either keep, pass on, or sell.
When you finish a year of paying rent, you have nothing except maybe a deposit.
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