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I stand to inherit from such people. They own five homes, are building a sixth, and have plans for 1-2 more at least. 4 are rentals, 1 is a charity to my Uncle
by hotpotamus 3y ago
I stand to inherit from such people. They own five homes, are building a sixth, and have plans for 1-2 more at least. 4 are rentals, 1 is a charity to my Uncle who is mentally unwell and unable to provide his own living. They don't think they have that much money.
- twothreeone 3y agoIt's all relative, but supposedly the top 1% had $11M in the US in 2022 (e.g., via https://www.forbes.com/advisor/investing/financial-advisor/are-you-in-the-top-1-percent https://www.forbes.com/advisor/investing/financial-advisor/a...). That means, 5 averagely priced houses do not put you in the top 1%, however, 1 big mansion in a nice area could.
- kelnos 3y ago$11M is net worth, not all of which needs to be held in residential real estate. I would expect a lot of people in that ballpark of net worth to probably "only" have a few million sunk into real property. The rest would likely be in securities. Also consider that someone with 5 houses may not even have all that much of their net worth in the houses; the could largely be financed.