Middle class, upper middle class, upper class, lower class. They all go homeless after a single tragedy.
Uh, no. There have been all kinds of studies about that. About 40% of Americans are one missed paycheck away from financial disaster. But, that leaves about 60% who aren’t. The upper 10%, who are still mostly “working class” by this definition, can almost always weather a major event like the 2007/08 financial collapse without losing their homes. These are people who still work for a living: doctors, bankers, lawyers, upper managers, etc. but who have savings and investments. A financial collapse might mean drastic lifestyle changes, dipping into savings, maybe selling some things, but it doesn’t mean homelessness. In fact, a lot of people in this top 10% own a vacation home or a cottage or something. At worst they might have to sell that, while keeping their main property.
Uh, no. There have been all kinds of studies about that. About 40% of Americans are one missed paycheck away from financial disaster. But, that leaves about 60% who aren’t. The upper 10%, who are still mostly “working class” by this definition, can almost always weather a major event like the 2007/08 financial collapse without losing their homes. These are people who still work for a living: doctors, bankers, lawyers, upper managers, etc. but who have savings and investments. A financial collapse might mean drastic lifestyle changes, dipping into savings, maybe selling some things, but it doesn’t mean homelessness. In fact, a lot of people in this top 10% own a vacation home or a cottage or something. At worst they might have to sell that, while keeping their main property.