Home ownership has long been considered a path to wealth in the USA. We are told and believe that housing appreciation and longevity builds equity. People of color have used home equity to pay for college or comfortably retire; it is analogous with financial security. So, although discriminatory policies and practices have hindered our home ownership and purchasing power, we continue to pursue it as the solution for wealth and financial security. Wealth via home ownership is a bogus claim.
Wealth, as explained by Dr. Pamela Jolly, requires ownership, protection, and cash flow. Home ownership starts with a 15 to 30 years note. With their signature on the note, each party promises to give so much of his or her time everyday to earn money to pay the note. This is more akin to servitude than ownership. In addition to committing time everyday for the note, the expenses for maintenance and managing also require a commitment of time each day.
And the hope is that if we elect the right government officials and that they pass the right policies, home will appreciate as such a rate that we will have enough equity for financial security.
BOGUS: Wealth via Home Ownership!
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