Good points - I was thinking specifically of the typical American meaning of the phrase, "summer home", which doesn't refer to real estate owned to produce income.

As to the family that has had a property for years - well it doesn't matter if the holding is in a bank account, stocks, or real estate, it is still wealth, is it not?

Mileage will certainly vary on terms. No need to quibble over the differences between "well-off" and "wealthy". Both of those have advantage over those who have issues keeping up with the utility payments, and I think that's the basic dividing line here.