re: Home ownership losing importance as "American Dream"

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Yeah. That's what everyone who bought in 2006 thought. 30 years vs. 1 year. There's the big difference between buying and renting.

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A couple things.

I was VERY fortunate in that I bought near the bottom of the market. That's why I've built up so much equity so quickly. I did have to go through a short sale, but it was worth it.

Also, even for most of the people who bought in 2005/2006, if they hang on to their homes to retirement, they still will have paid off their home and they'll have PLENTY of equity. And, as long as they didn't lose their jobs, it's not like they still couldn't afford it. They just had to go through a few years of being "under water" on their home. I remember shitting as I watched my 401(k) go down the tubes. Now, I've got it all back PLUS. Sh!t like that happens.

But, as long as you pay off your mortgage, the only thing you'll have to worry about when you retire (or get close to retirement) is f*cking property taxes. Hence, just one good reason to downsize once you hit retirement and you don't need the space any longer. My parents downsized to live in an 55+ community in a 2 bedroom, 2 bath, 1700 s.f. home. They're loving it. Some of their long-time friends live in the same community and all they have to worry about are property taxes, a small HOA fee, and utilities. Their pensions more than provides them with a nice living as a result.