Doesn't directly answer your point regarding wealth, but FWIW 47% of people in the bottom quintile own their home. https://www.minneapolisfed.org/article/2024/homeownership-am... It's actually near a 35 year peak.
Yes, which is 80+%. Though it's only slightly less than the homeownership rates for the middle quintiles.
> They probably “own” their house through big mortgages, which is just another form of rent paid to the rich.
That article also mentions that home equity constitutes 38% of total assets--the largest chunk--for homeowners in the bottom quintile. Which AFAICT (in a quick search) is greater than the top quintile but less than the middle quintiles, though it's unclear if those other numbers are for just homeowners in those quintiles, or overall averages.
IMO, its the middle class holding up the show because they are actually owning homes, and even though they may never actually sell their home they cling to an ever rising hypothetical valuation.