alt Hacker News> a home is the largest purchase they will ever make and the bulk of their net worth
That's bad and a central part of the problem.
I accept that my car is depreciating in value every year I own it, and but I need a car so I buy one. I don't need it to be a good long term investment, despite it being a major purchase.
The entire mindset of treating a family's home as being an investment class rival to bonds and equities is a relatively new phenomenon, and one that's clearly been detrimental to many.
Replies
cuuupid • today at 4:30 PM
A home costs 10-20x more than a car, you are being incredibly disingenuous by boiling them both down to “major purchase.”
> > a home is the largest purchase they will ever make and the bulk of their net worth
> That's bad and a central part of the problem.
Why? Or to ask in a different way, how could it not be?
For nearly all regular working people, there is nothing they will ever buy that costs more in labor and materials than a home. So of course it will be the most expensive purchase most people ever make. How could it not be?