By your numbers, the median American family could put their entire net worth towards a cramped condo and still be making payments. That is not the image of stability that you're pretending it is.
Problem being that total assets does not measure liquidity. That people only have $4500 of cash is a significant problem if they have a relatively minor emergency. Especially in the US, where a $4500 hospital bill is pretty cheap.
Sure, but you can't mark 100% of non-cash net worth as completely illiquid. You can borrow against the value of your home, borrow against the value of your 401(k), sell your stock. If you need a few days to move money around, there's credit cards. Personal loans. It really depends on what you're trying to measure.
