“Most financial planners view a primary residence as an item of consumption.”
[We'll know the bubble has popped, deflated, and been forgotten when, eventually, "most financial planners view a primary residence as an item of consumption". A primary residence IS an item of consumption, but almost all participants in our bubble markets, 'financial planners' included, still see a primary residence as a vehicle for wealth accumulation. -vreaa]
That’s what a house is. A depreciating asset that you need to pour tons of money into to maintain. After interest, property taxes, repairs, maintenance, upgrades and replacements (water heater, windows, kitchen, appliances, deck, roof, etc) and ongoing costs (landscaping, snow removal), emergency repairs (flooding, damage) how much have you paid for your equity exactly?
A place to live, that’s all it is, a consumable like food and clothing.