Put another way: “How would you like to buy a ticket in a lottery where there was an almost one in four chance of winning the price of an entire home? What if the consolation prize - the average outcome for buying the ticket - was to quadruple your money in ten years?”
We should be teaching our kids about real estate from day one.
Now it's not like anyone needs encouragement to buy a house. It's literally the American Dream. We all want that kitchen, a huge yard, and/or a pool.
As some wag on Twitter opined: "The purpose of the American life is to have a nice house with cool stuff in it. That's it. The more you revolt against this, the more miserable you will be".
But the immense wealth-building power of homeownership should not be merely an afterthought. Home equity in the USA is $30 trillion, more than the entire country's annual GDP.
And yes, it's sure getting harder and harder to buy something. There are half as many homes for sale now as there were 20 years ago - and in that time the U.S. population has gone up 20%.
