Reply to s/o--so how did you afford a 2 million dollar home?

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Reply to "s/o--so how did you afford a 2 million dollar home?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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]
"Most people"?  Do you have a cite for that or is it totally made up based on your limited personal data points?  [/quote]

You tend to ignore the rest of 99% when you think of yourself and your 1%er friends.  Most people are not big money earners, and for them to buy homes at current prices they have to be in debt.  Most of the people I know who buy these 1 mil-2 mil homes are in debt, paying mortgage and whose ambition is to pay off their home.  Please don't tell me that all these thousands upon thousands of expensive homes in DC metro area are owned by those with networth of 3mil+ and incomes of 1 mil+.  You may only know these type of people perhaps, but it's you, not me, who needs to come back down to earth and reality.  [/quote]
Then your friends over bought. Are there really "thousands upon thousands" of $2M+ homes in the recent market around here? Can you make a statement of fact or just all hyperbole?  [/quote]

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