Why do people believe the home ownership myth?

In my previous article I explained why buying a house is often a very silly financial decision, especially for people who are young, or those that have a low net worth.
In this article I’m going to explain why I think people are so infatuated with the idea of buying and owning a house, even though, if you look a the facts, it goes against many of the investment principles they believe in and hold dear.
But first, I need to address one of the myths about buying residential property, which was brought up in the comments section of my previous article.

Myth #1: Buying a house is a way to beat inflation

The theory is:
It is worth borrowing a huge amount of money to purchase a house because, not only will your property appreciate in value over time, your loan amount will also decrease in value in record time, partly because you are paying off a bit of your loan every month and partly because inflation eats away at the value of the amount you still owe!  (more)

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