Correct. If not the primary home, then the full equity is counted in the formula. But living in NYC, a home bought at a low price 20 years ago could easily be worth $1M now. Which is exactly what that formula for primary homes is trying to address.
Correct. If not the primary home, then the full equity is counted in the formula. But living in NYC, a home bought at a low price 20 years ago could easily be worth $1M now. Which is exactly what that formula for primary homes is trying to address.