FWIW: As a real estate agent, what I observe is something kinda sorta bell curve shaped. At the lower end of the economic spectrum, people are generally buying

FWIW: As a real estate agent, what I observe is something kinda sorta bell curve shaped. At the lower end of the economic spectrum, people are generally buying the max they can afford - because they don't have a choice but to go all in to be able to afford something. The upper middle class, if you will, tend to not buy at the top of their budget because they know they can't afford what they really want and they are worried about becoming house poor. Above that point, I see people not spending to their max only because they can't find the properties they want and/or they are holding back in order to make updates / upgrades. Or said another way - if you can afford $10MM, you are going to be selective in how you spend your money Anecdotal of course, but jives with conversations I've had with other agents.