The belief that real estate is the greatest way to generate wealth has given us a housing market in which only one in three households can afford a property.is turning into a wealth feedback loop. Rising prices mean more wealth for current owners that they can share with family and less affordability for those trying to get into the market on their own.
The RBC report says the economic upheaval of the past few years has left renters in much worse financial shape than owners of property. This threatens the ability of renters to build wealth and thus could worsen the kind of economic inequality we’re increasingly seeing. RBC notes that almost half the household wealth generated in the past 30 years was driven by residential real estate.
It used to be that renters were mostly considered homeowners-in-waiting. Now, not so much. “Lower earnings and higher allocations to housing make it exceptionally difficult for renters to save for a down payment – a crucial step in the path to wealth accumulation,” RBC economist Carrie Freestone writes in the report.
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