Inheritance, not work, has become the main route to middle-class home ownership | Lisa Adkins

The cost of housing is rising so much faster than wages that buyers increasingly rely on family wealth

In many of the world’s largest and most expensive cities, young people find themselves in a strange predicament. Although their educational credentials and employment prospects put them in the “middle-class” category, many have virtually no chance of ever making it on to the property ladder.

For almost four decades, property prices have increased at a much faster rate than wages. Although this trend has hardly gone unnoticed, what has received less recognition is how it has fundamentally reshaped both class and inequality in western societies.

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