The article discusses the substantial wealth inequality in the United States, noting that the wealthiest 1% own over 13% of the nation's real estate assets. The report from Redfin highlights how the combined wealth of this elite group is enough to purchase nearly all homes in the country, emphasizing a growing disparity between them and the rest, especially in light of the housing crisis. It illustrates how homeownership has become increasingly unattainable for millions as the threshold for joining the top 1% rises, showcasing a significant concentration of wealth in real estate.
"It is a striking example of the concentration of wealth in America that the top 1% could hypothetically afford to buy every home in the country - without going into debt - while millions of households struggle to buy or hold onto just one," said Chen Zhao, Redfin's economics research lead, in the report.
An estimated 1.3 million American households claim membership, and their combined net worth totals $49.2 trillion. Real estate helps put this gargantuan number into perspective - the combined value of 100 million US homes is $49.7 trillion.
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