And even the ones that have a lot of assets to be considered well off have a problem. They’re living in the only thing they own that’s worth a significant amount of cash.
Property prices have completely fucked everyone. Just because somebody can barely afford to pay 50% of their wages every month for the next 40 years in order own their own house, it doesn’t mean they should. It means they’ve got no choice because there isn’t enough.
oh yeah that reminds me of an 80 yr old lady I know. She’s land rich and insanely poor. Like if she sold all her real estate assets she’d probably have easily over a million dollars. But she doesn’t want to sell anything just cause. But she’s super poor. Like she literally needs a new roof on her trailer and can’t afford it. But is sitting on 7 figures of assets lol.
Hell my FIL is that way not that I’m thinking about it. He can’t take care of his house he’s in a booming hood in Houston and has like 8 acres to boot. He keeps borrowing against it to afford shit and still owes like 100k on it which would still net him a pretty penny for the whole set up. I keep telling him just sell the shit and buy a small home out right and get out of the debt and whatever, but he’s super stubborn about it.
And even the ones that have a lot of assets to be considered well off have a problem. They’re living in the only thing they own that’s worth a significant amount of cash.
Property prices have completely fucked everyone. Just because somebody can barely afford to pay 50% of their wages every month for the next 40 years in order own their own house, it doesn’t mean they should. It means they’ve got no choice because there isn’t enough.
oh yeah that reminds me of an 80 yr old lady I know. She’s land rich and insanely poor. Like if she sold all her real estate assets she’d probably have easily over a million dollars. But she doesn’t want to sell anything just cause. But she’s super poor. Like she literally needs a new roof on her trailer and can’t afford it. But is sitting on 7 figures of assets lol.
Hell my FIL is that way not that I’m thinking about it. He can’t take care of his house he’s in a booming hood in Houston and has like 8 acres to boot. He keeps borrowing against it to afford shit and still owes like 100k on it which would still net him a pretty penny for the whole set up. I keep telling him just sell the shit and buy a small home out right and get out of the debt and whatever, but he’s super stubborn about it.