I’m not saying homeowners are in a worse position. Just that increasing values also hurt them.
My parents had to move out into the country into a smaller house because their taxes got so high they couldn’t keep up after retirement when they quit getting raises.
And of course they’d taken out extra mortgages on their house to try and keep up with the increasing costs so they could stay in the town they’dlived in for 60 years, so they didn’t actually have a ton of equity despite their home having massively increased in value.
And with all the other old people moving out into the country, the property values where they moved are skyrocketing, so they’re already getting upside down and I’m already having to pitch in to help them pay the mortgage on the smaller home.
I’m not saying homeowners are in a worse position. Just that increasing values also hurt them.
My parents had to move out into the country into a smaller house because their taxes got so high they couldn’t keep up after retirement when they quit getting raises.
And of course they’d taken out extra mortgages on their house to try and keep up with the increasing costs so they could stay in the town they’dlived in for 60 years, so they didn’t actually have a ton of equity despite their home having massively increased in value.
And with all the other old people moving out into the country, the property values where they moved are skyrocketing, so they’re already getting upside down and I’m already having to pitch in to help them pay the mortgage on the smaller home.