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Is this situation so uncommon? Almost everyone who lives in a house in California, for example, is living primarily off the unrealized gains on their home equity. Very few have the wage income to qualify for a mortgage on what their lifestyle is worth now.

California contains a lot of houses!

[PopAlongKid]

> living primarily off the unrealized gains on their home equity.

How is that paying for food? Insurance? Electricity? Gasoline? Health care? Gifts and charity? Or even taxes?

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Illustratively, living in the house is worth about $15,000/month and everything else combined is maybe $2,000.