Reply to 1.6MM home- how much would you want to be making?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Op,  look at your financial situation, your consumption habits, and future income vs expenses.  People on this forum are nuts. I think most just have bad spending habits....excessive alochol, travel, recreation drug use, etc.   You don't need a $500k to purchase a $1.6m home, at least when you are not white (cacausian). We built a $2m custom for a income same as yours and not stretched by any means.  Both kids in private college and retirement fully funded and we travel and shop at whole foods,mets.  We are in our late 40s.  Bunch of bull here on this form....![/quote]

PPP may be on to something here.  I have seen many immigrant (the professional kind) with good, but not super high incomes purchasing high end (>$1.5m) homes  throughout the finer suburban Montgomery and Fairfax county sub divisions.  I own a small hme improvement business and find myself installing decks, patios, hardscaping, etc at numerous newly built homes owned by immigrants.  Must be a cultural and/or lifestyle thing I guess.[/quote]

The immigrant families are able to do this because single adult children often live with their parents and their income contribute to the household expenses.[/quote]

Asian-American here. Many Asians also have family wealth. My parents came to America with family money even though they never had a high income. DH and I live in an expensive home but we have a seven figure income.[/quote]

If you see an average Chinese guy buying an expensive home that is not well supported by his income, it's most likely the older parents in China funding their lifestyle. I wouldn't go so far as to call this family wealth because the older parents are not really wealthy, they just passed on their life savings to their kids while they are still alive. This is quite common in modern Chinese culture where the male side of the family is expected to put up the housing for the young couple. This is in contrast to rich families from HK, Taiwan, or even the newly rich from mainland China, who are truly wealthy, and these people tend to buy much much larger homes - $3M and above typically. [/quote]

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