To be taken seriously you should understand related issues: homes represent most if not all of savings of most, which is accessed to fund retirement by 'downsizing' (selling and buying smaller places...which triggers reassessment and generates capital gains and transfer taxes)
4% p.a. compounded is still a 50% increase over that long. Faster than median wage growth. Your RoR is below median though. SFs appreciation since the bottom is 75%?
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So what? It's an unrealized gain on an illiquid asset. Subject to cap gains tax when we sell.
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Cash out refi was a major contributor to the housing collapse last time around.
End of conversation
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