> There’s no rule that you should be able to afford a house on a middle class income
Here in the US, if one was asked to define “middle class” from a lifestyle perspective, probably the first thing that comes to mind is “homeowner.” I don’t think it’s possible to separate home ownership from class distinctions in the US social strata.
Case in point, home ownership rate has remained largely stable for decades at around 65% of the population. That’s despite incomes being more varied in relation to actual value over time.
I was told that middle class in the US is the class that owns tools that they use to augment or repair their home, whether owned or rented. Poorer and you don't have time between jobs to do it or the spare income for the tools, so it doesn't get done. Wealthier, and you just hire it done, because it isn't worth your labor rate.
That’s an interesting take. It sounds intuitively correct, other than the part about “owned or rented”. Generally speaking in the US, the one major advantage to renting is it’s the landlords responsibility to take care pf the property, and on the flip side you are usually not allowed to modify or augment it in any way.
So I’d say if you extended it to incorporate that understanding, it’s pretty accurate.
Here in the US, if one was asked to define “middle class” from a lifestyle perspective, probably the first thing that comes to mind is “homeowner.” I don’t think it’s possible to separate home ownership from class distinctions in the US social strata.
Case in point, home ownership rate has remained largely stable for decades at around 65% of the population. That’s despite incomes being more varied in relation to actual value over time.