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You’re no longer middle-class if you own a cottage or investment property
(www.theglobeandmail.com)
this post was submitted on 29 Apr 2024
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Ah. I think I'm top-ten, but we're renters. So that's the window where people improving their economic spot need to reach -- you need to be top 5% to own a home without buying-in 20 years ago, and above that to own a vacation home.
Contrast that with a nation so heavily-taxed like Sweden where 50% of the country seems to own a cottage AND a small boat.
Having moved here from Sweden (and having just returned from a trip to Sweden) that 50% number is highly inaccurate when measured against the entire population. Swedes these days find themselves very much in a similar rent/purchase crunch we see in Canada, with most young people struggling to find affordable housing. The generation that owns those cottages and boats are the older Millenials, Gen Xers and Boomers, generally speaking.
The older millennials are not really all that old. Early 40s?
Yeah, that's about right. Even so, I'd wager the majority of people owning a cottage or boat are older than the millennial generation.