In a report published Monday, the data agency crunched the numbers on home ownership rates across income levels, provinces and age brackets and found that one of the best determinants of whether or not a young adult owned a home in 2021 was whether or not their parents did.
Among everyone born that decade, the home ownership rate was 15.1 per cent, but older members of the cohort were more likely to own than younger ones.
If the young adult’s parents own a home, however, the ownership ratio jumps to 17.4 per cent.
Among parents who own three or more properties, the ratio leaps to 27.8 per cent, and those ownership habits tend to pass on, too:
While the report stops short of implying a causal relationship between the two trends, it does cite research showing that adult children of homeowners benefit from the mere existence of “The Bank of Mom and Dad,” because they are more likely to buy in the first place, more likely to get help with a down payment and more likely to buy more expensive homes when they do.
“Parental property ownership is positively associated with their adult children’s likelihood of home ownership when the adult children’s income, age and province of residence are held constant,” the report found.
The original article contains 429 words, the summary contains 208 words. Saved 52%. I’m a bot and I’m open source!
Yeah, this is one of the ways the wealth gap keeps growing.
If your parents are not home owners, they are not building equity. If they aren’t building equity they are less likely to be able to support their children financially in a way that allows their children to buy a home.
Well yeah, because if we raised taxes on multiple priorities, then by the time I’m able to afford multiple properties with one of my great plans to get rich, I’d have to pay more taxes. I wouldn’t want my hard earned money going to supporting the lazy bastards like Bob over there - one of those people, probably
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OK, calm the hell down. 😒
This is the best summary I could come up with:
In a report published Monday, the data agency crunched the numbers on home ownership rates across income levels, provinces and age brackets and found that one of the best determinants of whether or not a young adult owned a home in 2021 was whether or not their parents did.
Among everyone born that decade, the home ownership rate was 15.1 per cent, but older members of the cohort were more likely to own than younger ones.
If the young adult’s parents own a home, however, the ownership ratio jumps to 17.4 per cent.
Among parents who own three or more properties, the ratio leaps to 27.8 per cent, and those ownership habits tend to pass on, too:
While the report stops short of implying a causal relationship between the two trends, it does cite research showing that adult children of homeowners benefit from the mere existence of “The Bank of Mom and Dad,” because they are more likely to buy in the first place, more likely to get help with a down payment and more likely to buy more expensive homes when they do.
“Parental property ownership is positively associated with their adult children’s likelihood of home ownership when the adult children’s income, age and province of residence are held constant,” the report found.
The original article contains 429 words, the summary contains 208 words. Saved 52%. I’m a bot and I’m open source!
It’s like if wealth was hereditary or something.
Because people rich enough to feed and house horses also have health insurance!
And meaningful leisure time. Stress is deadly.
Yeah, this is one of the ways the wealth gap keeps growing.
If your parents are not home owners, they are not building equity. If they aren’t building equity they are less likely to be able to support their children financially in a way that allows their children to buy a home.
What’s kinda scary is that the numbers even for people whose parents own MULTIPLE properties are still only 30%'ish.
The scariest thing is the people who own zero properties that vote in interest of people who own multiple properties.
Well yeah, because if we raised taxes on multiple priorities, then by the time I’m able to afford multiple properties with one of my great plans to get rich, I’d have to pay more taxes. I wouldn’t want my hard earned money going to supporting the lazy bastards like Bob over there - one of those people, probably