Owning a home IS a key to growing wealth. It doesn't do it by its value, it does it by making it so after 10-15-20 years how ever long you take to pay your home off. You will no longer have to pay a mortgage or rent again. That is easily 10-20k a year that you now have to invest and build that wealth for your retirement if you want. Or to use to pay for your kids college, or to put towards your kids future home so they become more financially secure sooner.
Unfortunately that was one of the biggest problems of the housing bubble. People looked at and wanted a return today, rather than in 20 years. So they don't have the money to pay more of their kids college so their kids are sitting with more debt. They can't help provide a down payment for their kids home so their kids will have a harder time becoming owners themselves.
I thank my parents for how they raised me. They didn't spend and buy me things I didn't need. They didn't go out and buy a bigger house or fancier cars to impress anybody else. And today, even though neither has climbed the corporate ladder. I don't think combined they ever made a salary equal to what I make myself. But they have always had money when they needed it. They have a nice home to live in until they no longer are able to, no worry about how they will make rent when retired.
Originally Posted by: PackFanWithTwins