3 months ago • 1:12 min
To understand why the housing market is such a key pillar of the economy, just take a look at the assets held by people across different wealth brackets. Real estate represents half of the total wealth of consumers in the bottom 50%, and a third of people’s wealth in the 10%-50% bracket. For 90% of Americans, that’s more than any other asset.
It matters. When house prices go up, people – particularly the bottom 50% – get richer, feel more confident, and can borrow more money against the value of their home. They’ll spend more on goods and services, which will boost economic growth. This, in turn, makes more people wealthier and enables more people to buy houses. That boosts sectors like construction, consumer durables, and financial services in the process. Put differently, rising hou
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