BUSINESS
07/03/2010 05:12 am ET Updated May 25, 2011

Why Owning Home May No Longer Be A Shortcut To Upward Mobility

In the period beginning with the close of World War II and right up to 2005, buying a house opened up a pathway to upward mobility even for those without college degrees. Regardless of one's education or job, if you could buy a house, then the big tax breaks of home ownership began cutting one's taxes, while monthly mortgage payments on conventional 30-year fixed-rate mortgages increased home equity by steadily reducing the principle amount owed to the bank.

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