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2 Possible explainations
1- Homeowners had good jobs, nice house, cars. Then lost their job(s). Too broke to move as the house, cars and everything else have no equity.
2- You can start in a starter home, couple of years, build up equity. Every few years trade up to a nicer home in a better neighborhood. Do that for 30+ years, you end up with a big place. Parents made the mistake of not doing that. Didn't want a house debt.
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