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This paper studies the contradictory effects of pro-homeownership policies on inequalities through the case of Belgium. While the literature describes high homeownership rates as levellers of wealth inequalities, this paper finds, using national microdata from ECHP and EU-SILC, that different mechanisms underlying homeownership growth have had contradictory effects on economic inequalities, even in the absence of a housing crisis or increase in income inequalities. Inequalities in the weight of rental costs have risen for newly contracted rental agreements in the last decade, while wealth inequalities are rising because of an increasingly exclusive mortgage-credit market. Current measurements of wealth inequalities are based on the distribution of net wealth, thereby missing the evolution of the difference between mean wealth and no wealth and the dynamic nature of wealth accumulation. Therefore, inequalities are rising in Belgium as poorer renters are increasingly constrained by rental costs when they are increasingly excluded from accessing homeownership.

Belgium’s Successful Ride on the Elephant? The Diverging Effects of High Homeownership Rates on Inequalities