From 1955 to 1970, owner-occupied housing held at about 21 percent of total household net wealth.54 Between 1970 and 1979, it climbed to 30 percent of net wealth. For those who owned a home, it was much more of their total wealth than that. But a home is a peculiar form of wealth. You typically need to live in it. Selling stocks or bonds liquidates an asset you don’t use in your day-to-day life. Selling a home liquidates the place you sleep, the walls within which you may have raised your children or grown to adulthood yourself. Financial interest merges with sentimental attachment and daily
...more
