I recently saw an article which stated that for homeowners “their houses are like piggy banks.” But if you own your house, an increase in its value doesn’t seem to help you in any real way, since to realize that gain you’d have to sell it. But then you’d have to buy or rent another place to live, which would also cost more. It seems like the only concrete effect of a rising housing market for most homeowners is an increase in their insurance costs. Am I missing something?
In: 1833
As a homeowner with no mortgage and no desire to put my home under a mortgage it doesn’t help. If anything it sucks because more property taxes and higher insurance costs.
The average person is probably in debt on their home so I guess it opens some freedom to refinance at a lower interest rate maybe. Other than that when you die and your kids get your home they can sell it for more money.
For a lot of people it’s just a status thing I think tbh lol
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