Quote:
Originally Posted by jIM_Ohio
DS- if the house is fully paid for it is an asset, which can still accumulate wealth.
It is not a steady accumulator of wealth, it is not a reliable accumulator of wealth, but bottom line is that the house (and more importantly the land it is built on) has value and that value can represent either past accumulation of wealth or future wealth if it is ever sold.
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I agree that it is an assets. Any tangible item that has monetary value is an asset. Building wealth is another issue, though. There are millions of people right now who would argue that owning a home has not helped them build wealth because the value of their homes has fallen 30 or 40 or 50% from what they paid and is now far below what they owe.
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Steve
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