Pundits ignore it. Prognosticators omit it. Politicians are oblivious to it. But there is one argument in favor of home ownership that no one can legitimately dispute:
40% of American homeowners own their primary residences “free and clear.”
This large segment of our society is immune to the cyclical winds of real estate change. They can never be “upside-down” or “underwater.” And while they may have lost some equity in the market value of the property, their only consequence is a lower tax assessment if they opt to appeal.
As long as they choose not to sell, the true value of their property as a residence remains intact. It will continue to serve their housing needs for years to come.
And as long as the ultimate goal of any purchaser is to own their home outright, ownership will NEVER be passé!