Housing Secretary: “the worst rental affordability crisis that this country has ever known"

[KurtNYC]

5. Homeowner seems an inaccurate term for people who spend 30+ years paying for something

before they own it. First you have to get the down payment together, so that is not included in the 30 year term. Then for 30 years you DON'T own the property -- miss 2 payment and you will find out who does. Perhaps "home mortgagers" would be more accurate.

You may not own it but you get to pay the property tax on it as part of the deal. If you are in an area where effective prop taxes are 5% (such as an area with 3.7% prop taxes but over assessed values), then you are paying out the full value of the house every 20 years. You will have paid the entire value of the home in taxes 10 years before you get the deed, and 150% of the value by the time you do.

The standard of living peaked in the USA in 1968 but we still apply the old financial models to the present. For example the old rule was 'your rent should be about 1 weeks income' and 1 weeks income per month should go toward retirement. Very few people can do that now.