While opponents of homeownership claim it’s “the American nightmare,” self-made millionaire David Bach is doubling down on his faith in real estate.
He thinks that not prioritizing homeownership is “the single biggest mistake millennials are making.”
Buying a home is “an escalator to wealth,” he tells CNBC.
Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake, Bach warns: “If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”