What if you have already “borrowed against it” and the thing you bought is the house itself? You know, a mortgage. How is a regular family with a mortgage not middle class?
Any age considerations here? 50+ year olds with no pension whose entire net worth is tied up in their home are not middle class?
A retired couple that have a reverse mortgage on their home to supplement their insufficient income are not middle class?
Honestly, even a regular person that busted their ass to pay off their house and who eventually bought a run-down property that they poured all their free time for years to fix up and rent out is not suddenly a member of the 1%.
You know what, I “own” the house my 4 kids call home. I owe pretty close to what it is worth and I can barely afford anything else with mortgage rates where they are ( certainly more than rent would be ). It needs some repairs that are going to force me to borrow from somewhere. I work two jobs ( decent ones ) trying to keep it all going. If I lose the house, I will end up with a net worth lower than a homeless person. And I have dipshits on the Internet lashing out at my wealth and privilege. For the love of God, who are you people?
People who have no idea how mortgages work. People who dont grok that 99% of “homeowners” pay a bank every month just like a renter pays a landlord and can still get the boot if they fail to do so. People who are mad and lashing out in the wrong direction like teenagers.
“Owning” the home my family lives in does not make me rich, it means I took on a huge debt. Now if they want to have a discussion about investment properties then I am all ears.
What if you have already “borrowed against it” and the thing you bought is the house itself? You know, a mortgage. How is a regular family with a mortgage not middle class?
Any age considerations here? 50+ year olds with no pension whose entire net worth is tied up in their home are not middle class?
A retired couple that have a reverse mortgage on their home to supplement their insufficient income are not middle class?
Honestly, even a regular person that busted their ass to pay off their house and who eventually bought a run-down property that they poured all their free time for years to fix up and rent out is not suddenly a member of the 1%.
You know what, I “own” the house my 4 kids call home. I owe pretty close to what it is worth and I can barely afford anything else with mortgage rates where they are ( certainly more than rent would be ). It needs some repairs that are going to force me to borrow from somewhere. I work two jobs ( decent ones ) trying to keep it all going. If I lose the house, I will end up with a net worth lower than a homeless person. And I have dipshits on the Internet lashing out at my wealth and privilege. For the love of God, who are you people?
People who have no idea how mortgages work. People who dont grok that 99% of “homeowners” pay a bank every month just like a renter pays a landlord and can still get the boot if they fail to do so. People who are mad and lashing out in the wrong direction like teenagers.
“Owning” the home my family lives in does not make me rich, it means I took on a huge debt. Now if they want to have a discussion about investment properties then I am all ears.
Lol nobody thinks a mortgage is an asset, it’s a liability duh.