In Hong Kong, for example, mother and father who totally personal their property are more likely to be millionaires already, even when it is only a tiny one-bedroom condominium. Nonetheless, for youthful generations, together with millennials and Gen Z, the ultra-high property costs aren’t only a problem — they’re a major 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, speedy urbanization signifies that youthful people are unlikely to construct the identical degree of wealth by actual property as their as soon as mother and father did.
