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That wouldn't prevent them from pulling the average up above the median though. Even if billionaires don't spend 30% of their income on housing, they still prob
by dullcrisp 3y ago
That wouldn't prevent them from pulling the average up above the median though. Even if billionaires don't spend 30% of their income on housing, they still probably spend more than most people.
- jacquesm 3y agoIn absolute sense, yes. But in a relative sense the portion they spend on housing is going to be much smaller than what your 'average income' person spends on housing. On top of that they probably own their properties outright whereas the average income person ends up paying interest on the bulk of the price of their home for decades.
- dullcrisp 3y agoYes but the article is talking about the total amount of money the average American spends in their lifetime as an absolute number. If a billionaire spends 100x less of their wealth compared to the average person, they could still skew the distribution, just not by as much as if they spend even more than that.