Home Ownership Determines Wealth
Posted
@ Jul 21st 2004 11:03am
- By GCPN Property Network
Study shows home ownership determines wealth.
The National Centre for Social and Economic Modeling at the Australian National University (ANU) in Canberra has just completed a study on home ownership in Australia and the results indicate home ownership, rather than education, is much more likely to determine the wealth of the average Australian.
The study found there was a significant gap in the wealth of home owners and renters. According to the study 90% of the bottom fifth (in wealth terms) of the population were renters who were worth an average of $6,000, that is ten times less wealth than the next fifth of the population and 100 times less wealth than the top fifth wealthiest of the population.
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