I’m from Germany and I know why we don’t own our homes
This is not correct. In Slovenia we have 94 %home ownership and not 75%.
Someone always owns the house – this map shows how concentrated wealth is in population.
75% in Portugal? Nonsense! Houses belong to banks!
Which directly correlates to the relatively low medium wealth (in relation to Europe and especially the perceived german wealth) in Germany btw. We have a rather large fraction of the population living in rented flats, who are never able to accumulate any wealth. Leads to Germany having a really problematic wealth distribution, e.g.: the poorest 40-50% of the population added up (considering debts) have ~0 wealth
Big caveat here: Eastern Europe owns their homes outright, while a lot of Western Europe is still paying off their mortgages.
So if someone tells you they own a flat in Bulgaria or Romania, they have an asset that can be sold at its full value. If they lose their job, they won’t become homeless.
In the UK, most people are less than 6 paychecks away from not being able to pay their mortgage or rent.
,,Germans are rich” 🤡
Distribution of home ownership in England by age, in 2021:
16-24 – 0.7%
25-34 – 11.2%
35-44 – 15.4%
45-54 – 18.4%
55-64 – 19.2%
65+ – 35.1%
As of 2021 42% of adults aged between 15-34 lived with parents. This percentage is increasing as home ownership is decreasing.
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Source:
https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Housing_statistics&oldid=497245#Tenure_status
I’m from Germany and I know why we don’t own our homes
This is not correct. In Slovenia we have 94 %home ownership and not 75%.
Someone always owns the house – this map shows how concentrated wealth is in population.
75% in Portugal? Nonsense! Houses belong to banks!
Which directly correlates to the relatively low medium wealth (in relation to Europe and especially the perceived german wealth) in Germany btw. We have a rather large fraction of the population living in rented flats, who are never able to accumulate any wealth. Leads to Germany having a really problematic wealth distribution, e.g.: the poorest 40-50% of the population added up (considering debts) have ~0 wealth
Big caveat here: Eastern Europe owns their homes outright, while a lot of Western Europe is still paying off their mortgages.
So if someone tells you they own a flat in Bulgaria or Romania, they have an asset that can be sold at its full value. If they lose their job, they won’t become homeless.
In the UK, most people are less than 6 paychecks away from not being able to pay their mortgage or rent.
,,Germans are rich” 🤡
Distribution of home ownership in England by age, in 2021:
16-24 – 0.7%
25-34 – 11.2%
35-44 – 15.4%
45-54 – 18.4%
55-64 – 19.2%
65+ – 35.1%
As of 2021 42% of adults aged between 15-34 lived with parents. This percentage is increasing as home ownership is decreasing.