From the course: Economics for Everyone: Housing Markets in Crisis

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Ignoring your home price

Ignoring your home price

From the course: Economics for Everyone: Housing Markets in Crisis

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Ignoring your home price

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- Because 50% of the net worth of Americans is in housing, most people are very concerned about the value of their home. This is true in boom years, but it's also true in a housing crisis. My best advice here is, in general, you should probably ignore your home price. I remember once, in the mid-2000s, I bought a condo and was living in Charlotte, North Carolina, and not long after I'd moved in, a woman pulled up in the parking lot, saw a unit was for sale, and asked me how much my unit was worth. And I told her I had no idea. And she said, "How long you lived here?" Lived there about a year, no idea. She was shocked that I wouldn't know how much my home price was and asked me how could I not know. The truth is the reason I didn't know is because I had a monthly payment I could live with and was never worried about. All I cared about was that I could make that payment. And that should be your number one concern with…

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