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A reminder (discuss.online)
submitted 2 months ago by to c/workreform@lemmy.world
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[–] 13 points 2 months ago* (6 children)

That's if you consider a house a store of wealth.

I consider it a place to live that compared to everything gets cheaper every year. By the time my mortgage is paid off all I have to pay is maintenance and property taxes. Which are a fraction of rent. If we assume things stay proportional, rent for a similar property per month is around $1,200. My property taxes are $2,800. Double that for a yearly average maintenance cost. That's 466 a month. You can't even get a used sedan for that much a month let alone a place to live

Also in 0 states can a squatter move in to an owner occupied home and claim squatters rights. Only an issue if the property is vacant

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  • [–] 7 points 2 months ago (5 children)

    I was shocked to learn that the average homeowner in the US lives in their house for only 7 years. I think it’s due to the nature of how huge the country is and that something as simple as a job change means you have to move across the country and sell your house. There’s also the culture of always upgrading.

    I grew up in a place where you usually buy once and live there forever, so equity isn’t really too important. But then again it’s a more centralized way of living where you can stay in place for most of your life.

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  • [–] 2 points 2 months ago

    I bought land with this mentality. Permanently reducing my costs and investing in off-grid infrastructure to make retirement cheaper.

    I think it’s also the culture of seeing real estate as an investment. People buy houses planning on selling after they’ve lived there. I personally don’t think I can tolerate the risk of using equity as leverage for paid off land, because then there’s a risk the bank will take it. I’d rather leverage things I can live without if the bank takes it for whatever reason.

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  • [–] 3 points 2 months ago (3 children)

    I was shocked to learn that the average homeowner in the US lives in their house for only 7 years.

    I wonder how much of this is a question of what average is being used. It's the old median vs mean problem.

    Elon Musk and a hundred homeless people are in a room. By the mean, the average person in that room is a billionaire. By the median, the average person is homeless.

    I'm really curious whether that 7 year average figure is based on the median or mean. Because I could see it being really skewed by young people in their twenties that move around a lot.

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  • [–] 1 point 2 months ago (2 children)

    skewed by young people in their twenties that move around a lot.

    Those people tend to rent and not own though.

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  • [–] 1 point 2 months ago (1 child)

    Sure. But I think the seven year figure is how often people "on average" move, not just how often people sell and buy new homes.

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  • [–] 1 point 2 months ago

    I did a quick search and apparently it’s around 12 years in 2024 now.

    In 2024, the average length of U.S. homeownership is 11.9 years. While this number is nearly double the length of 6.5 years in 2006, home ownership has been on the decline since 2020

    https://www.consumeraffairs.com/finance/what-is-the-average-length-of-home-ownership.html

    So this is actually only counting people who bought a home and moved out later, not just people moving in general.

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