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> This "middle class" family with the $2M home and the $250k income could sell that home, move to middle America, get a ranch home for < $200k with $1.8M left o
by mvc 12y ago
> This "middle class" family with the $2M home and the $250k income could sell that home, move to middle America, get a ranch home for < $200k with $1.8M left over, and retire, never working again.
That assumes they already own their home outright. It still takes a while, even earning $250k a year to pay off a $2M mortgage.
- nilkn 12y ago$2M is not really affordable on that income, actually, so most likely the home was purchased for much less and appreciated significantly in value.