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Reply to "s/o--so how did you afford a 2 million dollar home?"
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[quote=Anonymous]Most people, not excluding those with 2 mil homes have most of their wealth tied up in their home. They make a sale of their older home and make money, what do they do? They put it into the next more expensive bigger/newer home, and sign up for a larger mortgage, they may not have been comfortable with years ago. I know a few people making pretty low 6 figure incomes and whose jobs don't have much of an upside at all, who are still confident at buying 1+ mil homes and insist on new construction or certain type of housing, which IMHO, they cannot afford without some sacrifices. Yes, a lot of people can afford their multi-million dollar homes and have much more in assets and other investments, don't knock it down. But I simply do not believe for a minute that all this fairly large inventory of 2 mil+ homes existing in this area is purchased by self-made multi-millionaires or people with 1 mil HHI. [/quote]
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