The argument about exposure is a general argument against home ownership. If you own a home in Detroit and work for Ford, you are doubly exposed to the region's financial health. If you live in Houston and work for an oil company you are doubly exposed. This is why I think home ownership is overrated. We should be looking for policies that enable people to adapt to changing economic situations, even if that means moving from place to place, and home ownership (which we heavily incentivize in the US) actively hampers that.