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Another possible explanation is that although the on-paper value of the primary residence is 60% of the net household assets (or whatever large number), the homeowner only perceives the down payment or the purchase price (net of mortgage balance) as contributing to net assets.
Overall, I question the validity of measuring net household assets as the sum of individual household assets: I'm not sure it's linear at all. If everyone put all their houses, stocks, and vehicles on the market at once, the market mechanism for estimating value would break down.