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As a millionaire, I still can't understand how people buy houses here. You are dumping all of your money into a vastly overpriced asset (vs the rest of the coun
by dsl 8y ago
As a millionaire, I still can't understand how people buy houses here. You are dumping all of your money into a vastly overpriced asset (vs the rest of the country), with the hopes that in 30 years the valley will be minting multi-millionaires to buy you out so you can retire.
- jackcosgrove 8y agoIt's an undiversified portfolio. Sure you could afford a house if you put all your income towards it, but would that be wise?
- JMTQp8lwXL 8y agoWhich is exactly why I don't think all of these IPO millionaires are going to buy. They're going to park their money somewhere -- whether they continue to hold company stock, or sell it in exchange for index funds -- there's a multitude of other options for what to do with their new-found wealth, and it's an unrealistic to think 100% of them will buy a Bay Area house.