Re:Supply Constraints Do Not Explain House Price, Quantity G...
by frontfor on Wednesday March 19, 2025 @09:47PM
(#43419184)
47% is still substantially lower than housing owned by the rich. On top of that, the housing owned by the lower class tends to be lower value. They probably “own” their house through big mortgages, which is just another form of rent paid to the rich.
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Re:Supply Constraints Do Not Explain House Price, Quantity G...
by blitzar on Thursday March 20, 2025 @04:09AM
(#43420726)
The value of their home for the lower quartile, and probably the bottom 3 quartiles will be >100% of their net worth.
Re:Supply Constraints Do Not Explain House Price, Quantity G...
by wahern on Thursday March 20, 2025 @01:10PM
(#43425915)
> 47% is still substantially lower than housing owned by the rich.
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.