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Hard no. Residential real estate annual appreciation is between 2-6% as an asset class over 30+ years. An index funds beats that. Home's have been a "source of wealth" for Americans because, again, purchase subsidies and favorable tax treatment. You're using a loan to buy equity you can't afford on your own. The stock equivalent would be the government giving everyone favorable rate loans to buy SPY or something.
Well, no. You pay home property tax and your mortgage payments with cash you generate elsewhere, usually income. Your mortgage payments are known in advanced and are fixed or within a certain rate so you can plan for them (or, you don't and 2008 happens again). At the same time, however, your home equity generally appreciates so, over the long run, you can come out on top.
In taxing unrealized gains, you have no idea what the potential payments could be. You can't plan for them. You have to manage risk much more closely, only this is upside down world where you have more downside risk (in tax payments) the more an asset goes up.
I mean this is just a factual error. Your home is assessed in value every year and that's what you pay taxes on.
Are you calculating return based on renting out one's primary residence?
Taxing the rent you don't have to pay (imputed rent) was a trick the government tried to pull a long time ago; the Supreme Court said no, though the usual suspects say they didn't really say that.
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