In Hong Kong, for example, dad and mom who absolutely personal their property are more likely to be millionaires already, even when it is only a tiny one-bedroom house. Nonetheless, for youthful generations, together with millennials and Gen Z, the ultra-high property costs aren’t only a problem — they’re a big monetary burden. Many of those house owners are weighed down with long-term mortgages which have excessive rates of interest, and are thus struggling to ascend the social ladder. In different phrases, fast urbanization signifies that youthful people are unlikely to construct the identical degree of wealth by way of actual property as their as soon as dad and mom did.
