I'm not a big believer in the former, but it's an absolute necessity for the latter. 

This situations in more of frugality then necessity on the students end.

I use ARMs now but mostly out of necessity.

By the 4th property, bartending will be a choice not a necessity.

The carpet was actually in very poor condition so removal was a necessity anyway. 

Those folks had to sell due to necessity but the majority didn't want to sell. 

.* Heating/Cooling - central heat and air or wall furnace and no AC, if the house is in a community close to the ocean, AC may not be a big deal, but in hot environments, it may be seen as a necessity and this may be reflected in prices.* Garage/Carports - # of each, some areas have a premium for garages since the weather will affect their utility.

Does "Brick and mortar" banks a necessity?

While I think insurance is a necessity, I also see it as only one piece in the strategy.

They can then use that money to support regular expenses, be it a luxury, like a car, or a necessity, like their mortgage payment.