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How many people live in their own property?
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this post was submitted on 28 Sep 2023
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Germany is also last when it's about ownership in general though. Germans have pretty low net worth considering the country's economic power because they love their Girokonto and their Sparbuch (aka money gets eaten by inflation).
The money of Germans is in the Rentenkasse and is not considered net worth in these studies. It's like not counting 401k's for Americans.
But it's also in the company's and state's hand. Every part of German economy is allowed to have wealth. Every part but that, who sells their work for it.
Because it's different than the 401k. The money you pay into the Rentenkasse is converted into points which are a "promise" that you may get old-age pension someday in the future. It's not like a saving account where you put away your money.
Have you tried finding a place to live in Germany? lol
One of the major reasons that no one seems to mention is that renter's are well protected by right's and are nearly impossible to kick out. Rental contracts are usually signed without any expiry on the lease and agents are only allowed to raise rental prices every few years. People are expected to live in their rental for decades, to the point where rentals come without kitchens because people are expected to buy their own and use it for 20 years
Right. That's one major reason not to buy real estate in Germany for renting it out. Tenants can basically destroy your property and there's hardly anything you can do about it. There are other kinds of assets to build wealth though.