This chart shows something wild: for the first time in history, U.S. household wealth in real estate eclipsed stocks and mutual funds.

Annual incomes between $57,375 and $177,872 are considered to be middle class according this article, so starting at $57,375.This is household income, so includes lots of single people:1% household income earn $315,9115% household income earn $162,21010% household income earn $125,94225% household income earn $81,18450% household income earn $46,151No wonder Americans are upset.

In fact, 85% of active listings are out of reach for the average household income.

“Personal, family, or household purposes” is the literal definition in Dodd-Frank (and used by most other states).Unfortunately, Dodd-Frank says there is no precise test for what constitutes a personal, family, or household purpose, so you’d be wise to take the road of conservatism.

Gotta hand it to Airbnb for becoming such a household name that everyone seemingly refers to vacation homes as "Airbnbs."

Inheriting a house, holding, and loosing money as rental is a terrible idea.

Yes, you can deduct property taxes on both homes on your joint tax return, but there’s an important updated cap to keep in mind.State and Local Tax (SALT) Deduction Limit — Updated for 2025:The One Big Beautiful Bill Act (OBBBA) increased the SALT deduction cap to $40,000 per year for married filing jointly.This cap includes all state and local income taxes, property taxes, and sales taxes combined.The deduction begins to phase out for households with adjusted gross income (AGI) over $500,000 (married filing jointly).So while you and your spouse can own and occupy different homes, the total SALT deduction across both properties (and any other state/local taxes) is limited to $40,000, assuming your income is below the phaseout threshold.Primary Residence Mortgage Rules:You are eligible to apply for a primary residence mortgage on the new home since you will be living there at least five days per week.The IRS defines a primary residence based on where you spend most of your time, not whether your family lives there.CPA Insights:You can deduct property taxes on both homes, subject to the $40,000 SALT cap.You may treat the new home as your primary residence for mortgage and tax purposes, based on your time spent living there.Review whether itemizing deductions (including property taxes and mortgage interest) provides a greater tax benefit than claiming the standard deduction, especially under current law.This post does not create a CPA-Client relationship.

If the use of the money is for personal, family, or household use, @Kwanza P., then the loan is for a consumer purpose and must be originated accordingly.Even though you ultimately intend to sell, the fact that you will be using the loan proceeds for your residence means your loan will be for a consumer purpose.

@Randall Alan children of single moms tend to display more negative behaviors than children who grow up in two parent households 

After a tough experience in my last W2 job, I’m seriously exploring real estate as a way to build long-term income and more flexibility for my family.Quick background:I’m a project manager by trade (15 years) and comfortable managing reno timelines, teams, budgets, etc.Married with two kids.Currently unemployed, but our household income usually runs around $200K/year.After my parents passed, we sold their home and used the proceeds to buy a house up north.