From Renters to Investors? Residential Property and the Asset Economy in German Couples' Lives

This paper explores the asset economy’s influence on Germany's housing market through qualitative interviews with couples, utilizing a praxeological approach informed by Karl Mannheim and Pierre Bourdieu. The study uniquely positions the German housing market as a critical case study, contrasting its historically rental-centric tradition with the rising asset appreciation trends. Analysis of in-depth interviews with 47 German couples, employing a qualitative approach with the Documentary Method, unveils distinct orientations towards residential property, significantly influenced by generational and socioeconomic variations. While a minority of couples have embraced investment-focused strategies consistent with broader assetization trends, the majority still perceive residential property as a stable, long-term family investment. Additionally, confronted with escalating property prices and limited to renting, younger couples are increasingly turning to alternative financial avenues such as ETFs and stock shares. This shift is not only accompanied by greater financial autonomy within intimate relationships but also highlights the pivotal role of financial literacy as a form of cultural capital essential for overcoming economic obstacles and modifying social inequalities. The findings indicate an impact of asset economy trends on German couples, demonstrating an interplay between enduring traditional values and evolving financial behaviors. Overall, the paper stresses the critical role of cultural knowledge on property in molding economic behaviors and class dynamics, advocating for further research into how cultural endowments and preferences intricately shape economic outcomes in a stratified society.