Johnny Sanphillippo writes on “the death of household productivity” (the financialization of housing) and the ways in which it makes American life less resilient. I would add that it also makes life less authentic:

A couple of months ago a friend sent me some images from Florida. He and his family were visiting his wife’s parents who live in a comfortable retirement community. To quote: “Here’s where we’re staying for the next few weeks. Sun City Center. It’s very superficially nice. My father-in-law has had to look things up in the HOA rule book at least three times since we got here on Saturday.” …

The newest developments feature large homes with all the latest bells and whistles, but their physical design is exceptionally limited. The front yard is a little green toupee between driveways. There’s a useless strip between the homes so they are “fully detached” in spite of the collective legal nature of the HOA. The back yard is a patio up against a concrete wall. These are actually luxury apartments by other means. The inhabitants may be proud “homeowners” but the bank owns these buildings and collects rent every month in the form of mortgage payments with interest.

The majority of the American population currently lives in some version of the suburbs. This will remain true for the foreseeable future. The real question is how ever more people with increasingly limited resources under considerably more stress will occupy them – particularly as failing institutions squeeze them for revenue. This is an extraordinarily fragile and vulnerable set of living arrangements and it isn’t going to end well.

You’re not a homeowner until you’ve paid off your mortgage debt. Until then, you’re a debtor paying interest for your home in addition to taxes on the property. That’s often worse than renting, unless the home accommodates many people, multiple generations, multiple uses (living, eating, working, studying), etc.