Final answer:
A person's house is part of their wealth, which includes the value of all assets, like money, investments, and a home. Home equity, which is the value of a home minus any outstanding loans, is a significant financial asset for many middle-class Americans.
Step-by-step explanation:
Home ownership is considered part of a person's wealth. Wealth is the sum of the value of all assets, including money in bank accounts, financial investments, a pension fund, and the value of a home. An owner's equity in a house is the monetary value the owner would have after selling the house and repaying any outstanding bank loans used to buy the house. Home equity is often the largest financial asset for many middle-class Americans.