by Charles Hugh Smith
Of Two Minds
Geography charts the financial destiny of households, at least in terms of housing.
Everyone who follows the statistics of rising income and wealth inequality knows we’re becoming a nation of haves and have-nots. What’s not being discussed is the role of housing.
Let’s start by recalling that for the vast majority of bottom-95% American households, the primary asset is the family home. (The wealthy, not coincidentally, own businesses and income-producing assets.)