1% high of Americans have enough money to buy 99% of US homes

As the saying says, a rich man is nothing but a poor man with money – and real estate.

More than 13% of the country’s real estate is owned by 1% richer Americans. 1% has been enriched so much, a recent Redfin analysis revealed that their combined wealth could now buy almost every home in the country.

The analysis further concluded that only 0.1% high could buy any single home in the 25 most populous areas of the country, from New York City to San Antonio.

“It is a wonderful example of wealth concentration in America that 1% high could hypothetically permit to buy every home in the country. Report.

This star inequality comes at a time when an external percentage of Americans believe that homeownership is no longer a realistic historical moment.

To earn a 1%club entry, according to the federal reserve, a net minimum value of $ 11.2 million is required. About 1.3 million American families are looking for membership, and their combined net value reaches $ 49.2 trillion. Immovable property helps to set this number Gargani in perspective – the combined value of 100 million US homes is $ 49.7 trillion.

These two measures that are noticeable on which Redfin based its report, using the Federal Reserve data and the estimated value of 98 million US properties. While the net value and values ​​of the aggregate house are not directly related, Redfin’s analysis demonstrated how both measures have been prepared very much followed for the last 20 years.

According to Redfin, total home values ​​exceeded the collective property of 1% from 2000 to the 2008 housing and global financial crisis. The 1% high asset exceeded home values ​​during 2010 to a steep abandon after 2020, when the Covid-19 market demolished the heavi invested invested.

But America’s fat cats have captured the way back. 0.1% richest of Americans increased their wealth by $ 4.4 trillion, or 25%, in just two years, Redfin reported.

If 0.1% accumulated only that $ 4.4 trillion earned between 2022 and 2024, they could buy any house in the Agoikago Metro areas, Atlanta, Boston and Houston, according to Redfin. Their two-year profits exceed the combined 50%wealth of America.

Asset growth has exceeded the increase in salaries, which makes real estate one of the most valuable investments a person can make. Almost half of the lower 50% of the net value of Americans is linked to real estate. And while the 1% dwarf assets of the bottom 50%, the last group claims the highest debt of the total mortgage at $ 3.1 trillion, Redfin reported.

The analysis adds confidence in the disappointment of daily Americans, already discouraged by a real estate market in which the average list price has long exceeded $ 400,000. The average age for buyers for the first time is 38-older in record.