Real estate is a very popular investment in the middle class. More than 60% of the wealth of the middle class is invested in their own home. When we had the housing bubble in 2008, people had no place to run. In the US, for example, the median wealth of the population dropped 44% between 2007 and 2010. Americans were richer in 1969 than in 2010 after correcting for inflation (Wolff, 2017).
"Young people [...] put everything [they have] into a house. [...] We saw that happened, prices fall. We had 15 million households [with mortgage loans higher than the value of the property] in the US." - Robert Shiller, The 2013 Nobel Winner
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