Yes, and also:
Is it good for a factory for when the average worker has three jobs and only gets six hours of sleep? Sounds like a recipe for recalls...
In fairness, homes in Detroit can be quite affordable. There are quite a few 2,000 sq. ft. homes listed for <$150,000 that may be 80 years old but are updated with a modern interior look. These would be affordable to a 22-year old factory worker making $80,000 ($40/hr) with no college debt, even if they didn't perfectly optimize their budget.
Good school districts are likely to be less affordable though, but cost of raising children is a whole other can of worms.
We need a different metric of wealth generation than home ownership. It used to be very safe, but now it's an anchor as much as it is a lifeline. Home ownership can't pay off forever; eventually either mortgage rates, supply/demand, or construction costs will force homes to either lose value or become too expensive. Those with a house or mortgage are subject to the whims of the market.
Home ownership is tax-advantaged because the government wanted to create a real estate market. Well, it's here, but it's not that great anymore, and most people don't get to take advantage of it. So Congress needs to make paying rent tax-deductible.
sdenton4|5 months ago
justin66|5 months ago
nerdsniper|5 months ago
Good school districts are likely to be less affordable though, but cost of raising children is a whole other can of worms.
0xbadcafebee|4 months ago
Home ownership is tax-advantaged because the government wanted to create a real estate market. Well, it's here, but it's not that great anymore, and most people don't get to take advantage of it. So Congress needs to make paying rent tax-deductible.