The renowned author of The Psychology of Money, Morgan Housel, offers a profoundly human perspective on housing: beyond its market value, a home is the setting where the memories that define a life are built.
More than Bricks and Mortars: Home as an Emotional Identity
At a time when housing is often evaluated in terms of profitability, Housel proposes a different approach. For him, the true value of a home lies not in its capital gains, but in its ability to host meaningful moments.
"I don't remember my daughter's first step into an investment account, but I do remember the house we sold eight months ago," he says.
That experience sums up his vision: a home is, above all, an emotional container.
Access to Housing: A Structural Crack
Housel also warns that the growing difficulty in accessing adequate housing is not just a financial problem, but a reflection of social inequality. In the United States, home sales have fallen to levels not seen since the mid-1990s, evidence of a housing crisis that has been brewing for decades. This lack of access impacts emotional well-being, mental health, and long-term stability.
Buying or Renting: Personal Decisions, Not Dogmas
Confronting the old dogma that "buying is always better," Housel offers a more nuanced perspective. He himself rented for a decade, prioritizing mobility and job opportunities. Only after the birth of his son, seeking emotional stability, did he decide to buy.
Both options are valid, he maintains, as long as they respond to real needs and not social pressures.
The Mirage of the Ideal Home
Over the decades, the concept of the "adequate home" has evolved toward the excessive: bigger, better equipped, more expensive. However, these expectations—more cultural than functional—have contributed to a rising market and the frustration of those looking for their first home. Family sizes haven't increased, but the perception that "more" is better has.
Is Renting a Waste of Money? A Myth Debunked
One of the most common arguments against renting is that it "wastes" money. Housel refutes this: mortgage interest, taxes, and maintenance are also expenses that are not recovered. Furthermore, many homeowners today are "trapped" in mortgages that limit their mobility, while those who rent maintain the flexibility to adapt to work or personal changes.
Return to the Origin: Housing as an Emotional Anchor
In times of uncertainty and speculation, Housel invites us to redefine our relationship with housing. A home shouldn't just be an asset: it must be a refuge. The true return on a real estate investment, he suggests, is not in the numbers, but in the security, calm, and memories it allows us to build.
Should we reconsider the criteria by which we evaluate a home? For Housel, the answer is yes. Beyond financial returns, a home is the place where life happens. Its value, then, is not only measured in dollars, but in experiences, connections, and well-being.
