Even though baby boomers are reported to have done better financially than their greatest generation parents that was not the case with my wife and I. That is because my wife stayed home for the first 17 years to raise our kids. But she did take in kids from family’s where both parents worked. They had to work so that they could pay their mortgage and 2 car loans.
So while my wife and I had to rent an apartment the parents of the kids she babysat for, got all the tax breaks for owning a home. Frankly pissed me off at the time because my wife and I were focused on giving our kids the best possible start in life with no tax incentives for doing so. The US tax code was focused on the American dream of home ownership not on raising kids. When I consider where my kids have ended up versus the homeowner babysat kids, what a great decision we made!
And that is all I’m going to say about that.