Inheritance Has Become The Main Road To Middle-Class Home Ownership

  • In many of the world’s largest and most expensive cities, young people find themselves in a strange predicament. Although their educational credentials and employment prospects put them in the “middle-class” category, many have virtually no chance of ever making it on to the property ladder.
  • For almost four decades, property prices have increased at a much faster rate than wages. Although this trend has hardly gone unnoticed, what has received less recognition is how it has fundamentally reshaped both class and inequality in western societies.
  • Until the early 20th century, waged labour was largely thought a mark of social marginalisation. Those who had to work in order to earn their way in the world, rather than live off the wealth of their assets, were often considered second-class citizens. The distinctive achievement of Keynesian policies in the postwar period was transforming wage labour into a card for membership of the middle class.

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