[adorno]

If you already own a home, you are about to get rich.

It works the other way too.

If you own a home and prices in the area and state go up, your home insurance will also go up accordingly, and your real estate taxes will also go up accordingly. My home insurance has gone up some $300 for the year, and R/E taxes have also gone up by about $400 per year.

Plus, your 'rich' gains are only possible if you sell while home prices are up, but, if they fall (like they did after the housing crash of 2008-2009), your gains are minimal or none or negative.
I know from personal experience.

[taxpayerfatigue]

You are so correct about escalating insurance and property tax rates. And once these higher rates go into effect, they almost always remain in place, even if the value of your property goes down the drain. The way government (state, federal and local) and insurance providers operate, there’s no way an individual homeowner can get “rich”.