re: Excluding home equity, the median 40-44 year old has a net worth of just $58,000

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It only matters if you can somehow downsize and/or get a cheaper house. Outside of that, it's pretty null unless you choose to be homeless or become a renter

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So, you think someone with a paid for $500,000 house and someone that has a mortgage payment of $3450 per month for their $500k house are equal? Based on your logic, the person with a $500,000 paid for house could go and get a mortgage and increase their net worth by $500,000 overnight yet they wouldn’t be any better off in reality.