• Snowclone@lemmy.world
    link
    fedilink
    arrow-up
    0
    ·
    8 months ago

    Renting could never compare to owning, as Equity is the biggest source of wealth for the middle class in the US. Not owning equity to pass on to your kids is one of the worst mistakes you can make. IF you can afford that sort of thing.

    • agent_nycto@lemmy.world
      link
      fedilink
      arrow-up
      1
      ·
      8 months ago

      How have we screwed up as a society, much less species, when shelter is seen as a financial investment rather than what it is, a thing we literally need to survive?

      • Asetru@feddit.org
        link
        fedilink
        arrow-up
        0
        arrow-down
        1
        ·
        8 months ago

        Well, as houses don’t magically appear out of thin air, I guess it has been like this since we started building permanent shelter.

        • bollybing@lemmynsfw.com
          link
          fedilink
          arrow-up
          1
          ·
          8 months ago

          Until relatively recently, it wasn’t that uncommon to just go and find some unused land and build a house on it. No intergenerational wealth required.

    • mohammed_alibi@lemmy.world
      link
      fedilink
      arrow-up
      0
      ·
      8 months ago

      Raising your kid(s) right is better than passing any monetary wealth on to them. If they grow up knowing that they’re set and will inherit your money/house, they may get lazy and just depend on that wealth. That money will be gone after the 3rd generation.

      • Snowclone@lemmy.world
        link
        fedilink
        arrow-up
        1
        ·
        8 months ago

        Your parents zipcode is the best indicator of your success in life. We don’t live in a merit based situation. This isn’t up for debate. Most Americans get most of their wealth as the equity their parents owned that they got from their parents all the way back to the homestead act. My FIL has a nice house. His dad bought it for him with a home equity loan. He bought at least three of his kids homes with home equity loans (no not the one I married) he still owns that home, and his kids do too, and their kids will probably have their parents help them with buying a home. That’s the majorly of net worth of all of these people.

      • bitwise@lemmy.ca
        link
        fedilink
        arrow-up
        0
        ·
        8 months ago

        Kinda shitty that people are downvoting this. Raising your kids right includes giving them the education they need to live and acquire wealth as well, so it’s not like this is wrong.

      • Snowclone@lemmy.world
        link
        fedilink
        arrow-up
        1
        ·
        8 months ago

        So you can’t afford that sort of thing? Well if you can’t afford that sort of thing, I guess you’d never say you could afford that sort of thing.

      • derfunkatron@lemmy.world
        link
        fedilink
        English
        arrow-up
        0
        ·
        8 months ago

        Leaving out the last sentence in your quoting does a disservice to what they were pointing out.

        They weren’t saying anyone deserves to be poor. They weren’t saying that real estate being an investment is ideal or how it should be.

        The housing market is historically, currently, and prospectively an investment, and one of the only high-return, low-risk investments available to the middle class. If you can play that game and don’t, then you are making a mistake, especially if you have kids.