this post was submitted on 20 Nov 2023
164 points (80.8% liked)
Canada
7130 readers
238 users here now
What's going on Canada?
Communities
🍁 Meta
🗺️ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
🏙️ Cities / Regions
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
🏒 Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montréal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
💻 Universities
💵 Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
🗣️ Politics
🍁 Social & Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
For anyone who purchased a house in the last 5ish years sure. Much longer than that and they are sitting on a whole lot of equity.
Yes if they sold the house they would have 1/2 - 1 million dollars in cash and be homeless. But that's a lot of dollars better than all the other people who currently also don't own a home and don't have all that cash.
Which is sorta the point the article is trying to make.
Yeah; I agree with that point, but not how they couched it — those people are still middle class.
The real kicker is that all the people who currently don’t own a home and don’t have the cash… are lower class. Despite thinking of themselves as middle class.
I don't agree with that take.
Those house owners likely fall into upper middle class rather than middle class.
Another way to look at it. Depending on who you ask middle class roughly covers household income of about 75k-150k
If one of those home owners sold their home and made 1 million in equity, that money could be expected to make them ~50k a year. For many current home owners that hypothetical raise would push them above the middle-class bracket.
"We're not middle and lower class, we're all working class"
Most home owners, if they cash out their home, and either rent or downsize, will still absolutely need to work to eat, and if they don't they will find themselves homeless before long.
For that small portion that could actually live on the equity from downsizing their housing, yeah, they are upper class, but there are a lot fewer of those than you would think. For a single person, a million in equity (50k a year) might get you by, but not luxuriously and not safely, and most houses are owned by couples though (so cut that in half), and many have dependents.
I am sure it is possible to find a deal on a rental somewhere out in the bush, but in (or near) the city a 2br place will eat up half your monthly allowance.