Housing Wealth Beyond Prices: Individual Portfolios, Distant Assets, and Transfers in France 2011–2022

Housing wealth extends beyond the main residence, encompassing all real estate assets owned by households. Using a new dataset covering all French homeowners and all housing properties each year between 2011 and 2022, we provide the first dynamic nationwide analysis of housing wealth. Our results show that the values of main residences explain most housing wealth differences between cities, while the values of additional properties amplify differences within cities. Moreover, distant ownership reduces inequalities generated from housing price variations, and inheritances and gifts strongly contribute to wealth concentration. Overall, the geography of housing wealth differs substantially from the geography of housing prices. It is therefore central to consider entire property portfolios to study housing wealth.