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Reply to "How rich are people buying 1-1.5 mil homes?"
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[quote=Anonymous]Paid $1.4mm for our house, HHI of around $650k at the time i believe, dual income household. Mid and late 30s at the time. We have other large expenses as well that at the time made a more expensive house too much of a reach. We had 3 kids in private preschool plus a FT nanny, and combined i would say those added up to $12k/month...now only one kid in preschool but still have the nanny. With rates so low a few hundred thousand in housing cost doesn't really make a difference. You have to consider all of the other expenses. If we were 40 and childless with a $750k income we would have far more to spend on housing (if desired). And if we were 55 and empty nesters, same. [/quote]
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