The “Housing Theory of Everything” proclaims that housing is the single biggest factor driving our economic climate, including the persistence of wealth inequality. Those who own homes and other properties are ahead of the average American, as they can establish and grow equity. Real estate has long been the greatest generator of generational wealth, and that hasn’t changed.
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At the beginning of November, tech-giant Apple announced a $2.5 billion-dollar pledge to address the housing crisis in California. Apple is just one of several major companies that are trying to address the availability and affordability crisis. Over 2019, Facebook, Google, Amazon, and Microsoft have also pledged billions in funds to tackle the housing issue in Silicon Valley and Seattle.
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Once upon a time, the American Dream was defined in part by the goal of homeownership. People dreamed of their own plot of land and picket fence and a place to call home. In this day and age, however, Americans are realizing that they can call a place home without owning it. The attitude of people toward rental housing is changing. While the majority of Americans still would like to own a home one day, 45% of current homeowners can see themselves turning to renting.