In a study in cooperation with De Volkskrant, Bastian Ravesteijn, Assistant Professor of Applied Economics at Erasmus School of Economics, and Helen Lam, PhD candidate at Erasmus School of Health Policy & Management, conclude that children of wealthy parents are more likely to have (larger) owner-occupied homes.
How wealthy your parents are has a large impact on your future situation in the housing market. For instance, children of wealthier parents are much more likely to buy a house, and that house is also a lot bigger on average. Moreover, they accumulate more assets, says Ravesteijn. On the other hand, only half of children with parental wealth which is among the lowest 20 per cent are homeowners.
Once you own a house, it is easier to move up in the housing market. However, the biggest challenge is buying your first house. Often, this is easier for children with wealthy parents, as in many cases they are gifted money. For instance, almost half of people in their thirties with parents with assets above a million euros receive a large sum of money.
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You can read the full article from De Volkskrant, 1 July 2023, here.
