Certainly. If they've actually purchased the home, and are not mid-mortgage on it. Honestly, crunching the numbers in my high COL area, the cost for a ~$1 million mortgage and the cost for renting a nice two bedroom, at the current rates, are basically the same.

Essentially what you're saying is that because someone has put money into mortgage payments instead of rent, they're better off financially, and I'm completely in agreement with you. I just don't agree that it somehow implies they're living high on the hog, so to speak; yes, they have additional options if shit hits the fan (metaphors metaphors!), in that they can cut their losses, look to sell, and move to a lower cost area and have a bit banked (and -maybe- retain their income given remote work, but also maybe not), but that's still quite a lot to expect.