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This old trope again? Being a millionaire isn't even rich in many parts of the US anymore -- just look at Silicon Valley as an example. A million dollars gets y
by giggles_giggles 8y ago
This old trope again? Being a millionaire isn't even rich in many parts of the US anymore -- just look at Silicon Valley as an example. A million dollars gets you, what exactly in terms of housing there?
Most of the millionaires that exist today are older folks that have paid off their homes, and most of that wealth is in their homes. As the article states at the end, Millenials will inherit much of that wealth as the Boomers die, just in time for articles like this to come out about Gen Z.
- idlewords 8y agoI never understood the "housing here is expensive so I'm not rich" argument. $500 only gets you a small hotel room at the Ritz-Carlton; that doesn't mean that $500 isn't a lot of money. It just means you elected to pay a lot for something other people get for less.
- deleted 8y ago[deleted]
- munk-a 8y agoIt does mean you're not rich[1], what it doesn't mean is that you won't be rich when you retire, at that point you will shift your accumulated wealth to a region with a lower cost of living (in all probability) and then you'll get to enjoy it - but while you need to keep a large portion of your value tied up in a house so you can afford the house you don't have much in terms of liquid assets. [1] Assuming your labor isn't portable - if your labour is portable (i.e. you can move to rural montana and keep your job or a similarly paying one) then you're making an active choice to pay a high cost of living for the environment you're living in, many people can't remote themselves without cost so to continue to earn at the rates they're earning they need to stay put.