I actually find myself satisfying all your criteria, except:
For 3), I plan to rent the house out if I relocate. Currently, I figure it is cashflow positive at the current rent price (assume 25% rental income for maintenance/management and 5% vacancy). You can argue vacancy will be way up or rents will be way down. But still if I have a job elsewhere, that should allow me to be carry the house even at a small cashflow loss.
For 5), it really depends on how long you think one will be out of job due to the severe recession/depression. I think I can survive if I’m allowed to flip burgers for a while with minimal wages. If you are talking about everyone out of job for 5+ years, then I suggest that the last thing you want to do is pay off your house at that time. Buy ammo and food, shoot everyone who comes into your house to collect the bill. The world will be in different order then and having a paid off house means absolutely nothing.
And if that happens, at least I have enjoyed my house for a few years and I don’t see how the people who have lots of cashed stored by renting stands to gain anything in anarchy (Plus, I doubt how much more cash the renters will have. At least, here in Temecula, it is already cheaper to buy than to rent. So the difference is probably only the 20% downpayment).
