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][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]

It can be all over the map with immigrant families. Sure some have the set up you're describing -- where grown adult children live at home until marriage so there are multiple incomes paying off the mortgage. There are other scenarios where immigrants come here with family money and/or their family back home funds a lot of a house purchase. But there are also scenarios where they come here with a few suitcases and no family help and buy a $2 million home when their kids are 8 and 10 and obviously not contributing to the mortgage -- never under estimate immigrant scrimping and saving and sacrificing to get what they want; I have seen it time and time again.[/quote]

I don't think you can get to a $2M house by scrimping and saving. You need cash flow to maintain the lifestyle of a $2M house. Even if you managed to save up $2M in cash and paid off the house in full, the yearly property tax, maintenance, landscaping, utilities, and etc, are all significantly higher than say a $1M house. I see plenty of people scrimping and saving their way to a large house, but it's all $1M or less - and most often with multiple generations living together. [/quote]

There are immigrant families who came here with nothing and do well in small businesses. They can save from the earnings from their nail salons, dry cleaners, grocery stores and restaurants. My childhood friend lived in a huge mansion. He parents owned a few dry cleaners. [/quote]

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