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What does a housing market crash actually mean for current homeowners (TN)?

My wife and I purchased our first home almost 1 year ago exactly, located in one of the more faster growing towns in Tennessee. House was built in 2014, we purchased from the original owner, and it's listed online that he bought for 275k while we paid 490k for it (still blows my mind). Now, I am seeing all kinds of articles talking about how another 2008 type of market crash is unavoidable at this point, and I should be ready to watch the value of my home plummet through the floor.

While I of course don't want to see that happen, people are making it sound like everyone is screwed. As long as I maintain my job/income, we can afford the house no problem. I understand some pieces of the mortgage (i.e. taxes) can go up some, but is there something I am missing that would result in the payment skyrocketing beyond affordability? I guess I am just confused on how the market crashing has a direct impact on people who are not trying to buy or sell a house right now. Sure, there are going to be indirect impacts that will affect prices of other things. But does a market crash have any direct impact that I am not thinking of here?

submitted by /u/lineman77
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source https://www.reddit.com/r/RealEstate/comments/1tncbiu/what_does_a_housing_market_crash_actually_mean/
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