“Actually this is not that hard to believe, especially if you use inflated values of rental and investment properties.
That does not mean they will stay that way but if you use 2005 real-estate prices maybe.”
Precisely!!! That was exactly what I was thinking when I read “excluding primary residence”. CA is extremely RE-Centric. If their net worth is not derived from their primary residence then there is a high possibility that it is from investment properties or RE derived somehow. The survey is backward looking. How much RE wealth, investment or otherwise, was generated over the past decade?? A Lot.
I also wouldn’t be surprised that respondants did in fact include their primary residence in their response.
