[quote=JohnAlt91941][quote=sdrealtor] $1M is not a huge amount for someone with a household income of 200 to 300K.
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5x income? Seriously?
What % of households even make that much? “You’d be surprised” is not an answer.[/quote]
John
People buying a $1M are getting $697K loans which at current rates run about $3500/month. Add $1000 for taxes, $200 HOA and $200 insurance which gets you to $5K and most of this is tax deductible. Do you think people with monthly incomes between $20K and $30K would struggle with that?
The answer to how many make this much is apparently more than enough because nice homes at these price levels are selling well. So demand and supply are matching up pretty well for the time being.
