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There are a number of takeaways here.  Business ownership drives wealth creation because it creates an income producing and appreciating asset, aka a productive asset.  The primary residence, or real estate provides a place to live, stability and access to schools for those with children.  Long term price appreciation for residences has historically been inflation +1% per year or about 4% in total.  Further it is not an income producing or productive asset unless bought for investment and rental purposes and the rents received exceed the expenses incurred.  Highly leveraged, or debt based speculation on one’s primary residence, that produces little if any income requires someone else to assume even more debt or leverage to be successful, because that is the only way to sell it.  At some point the leverage ratios become so high the process collapses under its own weight, this is what happened during the 2008-2009 financial crisis, aka the catastrophic failure of the greater fool theory.  As is usually the result with excessive leverage, aka debt, bankruptcy and foreclosure followed in mass.


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