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Reply to "How rich are people buying 1-1.5 mil homes?"
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[quote=Anonymous]Back to your question. Our HHI is $300K. We have $700K in equity in our current home, purchased in 2000 before the market exploded. We could easily use that and buy a home under $1.5M, and it's tempting as more and more friends move to larger and nicer homes. In our case, we are down to owing $300K on our current home, and refinanced last year such that our monthly payment is ~$2K/mo. We really don't want to start over with an $800K mortgage even though we could afford to. [/quote]
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