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I'm surprised to see over 50% of top 40% owns their home outright. Are people paying off their home early or is this baby boomers who have lived in the same hom
by round_guy 9y ago
I'm surprised to see over 50% of top 40% owns their home outright. Are people paying off their home early or is this baby boomers who have lived in the same home for 30 years? I would like to see the age breakdown of each segment.
As housing costs increase and rent payments continue to flow to the top, inequality will continue to accelerate. Housing policy that promotes affordability needs more attention and effort behind it.
- Kalium 9y agoI think you nailed it. People in their 50s and 60s are more likely to both have a higher income and own a home without a mortgage.
- thephyber 9y agoIf you fought in WW2 and came back, there was a massive boom of affordable housing across the nation. It grew in the 1950s and 1960s, when wages were growing. Between those who bought 30+ years ago (and didn't refinance every 5 years) + those families who passed their real estate down in their inheritance, I can easily see that being a large percentage of the population. The fact that they are in the bottom 20% of income seems less relevant. If you are in/near retirement or simply underemployed, owning your home means you have to work less to cover your costs.