1131 ET - Redfin says that by late 2024, the total value of nearly 100 million U.S. homes hit $49.7 trillion, while the net worth of the wealthiest 1% reached a record $49.2 trillion--enough to buy nearly every American home. Though not directly linked, home values and the top 1%'s wealth have risen similarly over 20 years. The richest 1%, about 1.3 million households with at least $11.2 million in net worth, hold 13.4% of U.S. real estate often purchased with cash, avoiding mortgage costs. This real estate appreciation has fueled their wealth, alongside financial assets, which have grown as fast or faster. Meanwhile, asset growth has outpaced wages, widening the wealth gap as millions struggle to afford a single home, highlighting stark inequality where the top 1% could theoretically buy all U.S. homes debt-free. (chris.wack@wsj.com)
(END) Dow Jones Newswires
March 11, 2025 11:31 ET (15:31 GMT)
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