If you prepay all your expenses you can live on $0 a month... That's not a very useful argument.

Owning a house probably makes you pretty rich in the eyes of many people.

if you own a house you are rich.

You don’t own the house until you’ve paid off your mortgage. If you’re doing that under 50, you’re probably pretty decently well off. And also if it’s actually you who owns the house and not your sibling or parents who you’re living with.

70% of Americans own their own home. Are 70% of Americans rich?

I would expect 70% might have a mortgage but owning - as in not having to pay the mortgage because you own the home entirely - would be well under 70%.

No, 70% live in a non-rented home (an adult son living in their parent's home is also counted, for example). Also, only 34% are fully paid off.

If you’re under 35 and own your home outright you’re either rich or your parents are.

Err, are you saying 70% own their own home (i.e., no mortgage) or 70% live in a house which some percentage >0 and <90% is owned by the bank?

There's kind of a big difference there...