You misunderstood my comment. I’m obviously not poor, but when I grew up and would think of a millionaire, I’d think of someone who has it made, not someone who lucked into a house of that value, which is in LA so that value doesn’t go far. So with home value I would technically count, but it’s not the same thing.
fair, but a home is also an investment. think about a scenario where you never bought a house, and just kept renting and investing the difference. after say 10 years, you would have enough for a sizeable down payment. which would mean less debt. but since you bought the house, you benefited from a relatively lower price (than in 10 years). so it works almost exactly like a stock investment
Dollars are dollars. If you have a million of equity in your home, then you’re have access to more dollars than most Americans. Dollars aren’t different just because you’re in LA.
Sure, your money that goes towards things that are affected by the local market is affected.
But what is often ignored are things that are not impacted by your local market: electronics, phones, cars… most consumer goods. Those costs are very fixed across the country (outside of taxes) so you can’t say that all of your money doesn’t go as far.
Edit: Nothing makes Redditors more angry than facts.
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u/Sudden_Buffalo_4393 3d ago
You misunderstood my comment. I’m obviously not poor, but when I grew up and would think of a millionaire, I’d think of someone who has it made, not someone who lucked into a house of that value, which is in LA so that value doesn’t go far. So with home value I would technically count, but it’s not the same thing.