Studie von Soziologen der Universität Konstanz, 28.9.2022 (engl. Originalfassung)
Paradoxically, we found that when housing finance systems are more liberal (more generous and active), those receiving the highest amount of family financial support have a higher probability of mortgaged homeownership than those receiving lower amounts of family financial support. This counterintuitive finding is surprising, since one would assume that a more liberal mortgage market would reduce the advantages of the wealthiest in mortgaged homeownership. We offer two main explanations for it: First, countries with a more accessible mortgage market are usually also characterized by less affordable housing prices for the median-income household. This in turn makes young-adult households more dependent on their family financial resources, which provides an advantage for the wealthier in mortgage homeownership. Second, in those countries young adults may revert to family financial assistance in order to invest in housing assets in higher socioeconomic locations that will appreciate faster. Therefore, liberal mortgage markets actually serve to enable wealthier young adults to reproduce and preserve their parental wealth status, just as they serve to widen wealth inequality between the older cohort and the present cohort of young adults.
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