Who said anything about cash buyers? Just did a run through recent sales in MM in the 1.2 to 1.5 range. Pretty much all of em put down 20 to 30%. Why would they put down more? A quick cross reference with LinkedIn shows lots of techy couples at QCOM, Apple, Amazon etc. Figure it costs about $5K/month to borrow $1M with rates above 4% which is not a stretch for folks with $20 to 35K monthly HH incomes. Well within ratios and most of these folks are pretty frugal otherwise. There are tons of folks like that