A house purchased with a thirty-year mortgage, in a market inflated by cheap money, in a currency losing purchasing power annually, is not straightforwardly an investment. It is, for most of its occupants, an expensive liability that locks a person's primary savings into an illiquid, highly leveraged bet on the continued expansion of credit. A bet that can only pay off if the next generation is willing and able to borrow even more than you did to buy you out.
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