I don't think that's so bad unless you need that ownership to build wealth. In this country, it seems a lot of our wealth was built up via land ownership. Contrast the US, which encouraged wider land ownership, with Mexico which granted land to a wealthy few and excluded the lower classes.

If we can come up with a consistent policy scheme(taxation and incentives) which can undo land ownership as being a sure-fire way to build wealth(maybe a land value tax?) then it's perhaps not so bad to have a nation of renters.

Just eat lentils and be frugal