Mortgage mindset: why you should reframe how you think about your mortgage

重塑你的房贷认知

Editor's Picks from The Economist

2025-05-07

6 分钟
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Thinking about your mortgage as part of your investment portfolio might not seem intuitive. But, as our Buttonwood column argues, it should be thought of as an asset along with cash, stocks, and bonds. Listen to what matters most, from global politics and business to science and technology—subscribe to Economist Podcasts+. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.
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  • Hi, this is Ethan Wu,

  • co-host of Money Talks,

  • our business and finance podcast.

  • Welcome to Editor's Picks.

  • We've handpicked an article we recommend

  • from the most recent edition of The Economist.

  • I hope you enjoy it.

  • As financial decisions go,

  • borrowing several times your annual earnings to buy a risky asset

  • is a pretty big one.

  • Yet for many people,

  • taking out a mortgage to buy a house is something of a no-brainer.

  • It generally involves less agonising than, say,

  • how much to save for retirement

  • or how to split your pot between cash, stocks and bonds.

  • One reason is that some short-lived slumps aside,

  • House prices across the rich world have been buoyant since the 1950s.

  • More important, you need to live somewhere.

  • Until you own a place,

  • you have a natural short position in property