Quote:
Originally Posted by Nouvellecosse
Saying everyone who has a 401k
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The entire population of the United States has access to the same stock market. All 401k accounts operate pretty much the exact same way, with the two major deviations being traditional/Roth, then the character of the employer match being another factor (percentage + vesting period).
The value of real estate is, by contrast, almost entirely local. There are some national laws that all lenders must adhere to, plus federal stuff like FHA, Fannie, Freddie, etc., plus an interest rate that is generally the same nationwide, but again, the value of property is local.
So blanket statements like "home ownership is your greatest wealth-building tool" just plain aren't accurate. And if it were easy to predict where the most appreciation will occur in the next 20-30 years, then everyone would be doing it. It's obviously impossible for all 300+ million Americans to physically reside in those specific areas that a crystal ball informs them will appreciate 10X in value in the next 30 years.
This means there will be winners and there will be losers but there is no way to predict who those people and places will be right now.
What the progressive left means by "equality" is equality of
outcomes, not equality of opportunities. They say they want everyone to have the chance to buy a home because they want everyone to enjoy appreciation, but giving everyone that chance, as occurred in the 1990s, illustrated the first law of planet earth, which is that equal opportunity = unequal outcomes.