Reply to Who can afford 800K-1M homes? Genuine Curiosity!

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]As a realtor I can tell you it's a combo of people who have left over money from buying and selling at peak times, people who make saving for a house the number one priority in life (above college education or retirement for example), and people who have some kind of family trust, starter money or inheritance. True most of these people have hhi's close to 200k but very few are over 400k.[/quote]

We have several friends with a $6K mortgage.

If they weren't my friends, I'd call them idiots to their faces.

Who pays $72K/year in mostly interest?  [/quote]

Maybe you are the idiot (and not a very nice friend).  If they can afford it, that $72K/year is a REALLY nice tax deduction.  Some of us with what you consider high monthly mortgages (my mortgage is just under $5k/month) make up a lot of it in tax deductions (interest).  So when you bring home $500K/year like we do, we can clearly afford the mortgage AND we appreciate having a higher tax deduction.  We also have a lot of money saved and put down 20%.

Now if your friends can't afford their mortgages, that is a different story.  But don't be so quick to judge.[/quote]

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