[Porsche-O-Phile]

I don't disagree with you. The problem is for virtually all first-time buyers right now, a "purchase" is nothing more than paying rent to a bank. There's no equity-building potential when one has to resort to interest-only or other types of unconventional financing in order to get in to a place because the prices are 5x to 10x their gross household income (conventional wisdom says to never buy a place more than 3x one's gross household income).

If things correct to the point where first-time buyers can LEGITIMATELY become owners (REAL owners, not just "name only" owners) with conventional down payments, expected rates of return and appreciation, and tax write-offs that aren't swallowed up by other greedy government agencies in a "paper shuffle", it'll be for my generation what it was for yours. Sadly, this is no longer the case.

It's very hard to look at a home as an asset these days - it seems a lot more of a liability, unless one's particular situation is very atypical or they're extremely fortunate. I wish it were different (or that I was born 20 years sooner!) but it's not.