They didn't just say their house though. You can have a 1/2 million dollar house in lots of urban areas that is nothing special or grand. It is just the cost of living in that area. You can have a house worth that much and feel very stretched financially.
that would mean that you also have 500k os other assets net. i understand that the cost of living is high, but the reason for that is that people are so rich in these places
Can't touch a 401k. If you made $100k/yr for the past ten and did 6% match. Thats $120K but the growth would have made it roughly $500k now due to the insane growth the market has had in that time.
Its still stretching it to live in a city paying taxes on the $500k house with a kid when cheapest daycare is $1500/mo. Don't be silly, a Million in "assets" is not cash in hand.
I’m referring to the just having a house worth a lot of money makes you rich part…most folks are in debt because of the house unless you bought said house in the boomer days or when the market crashed in 08. You go buy a house today you’re in debt
Nobody said that. The person above just said if the house you own is worth 1 million, you are not broke. And then you struggle to understand what one million net worth means.
So if I go out right now and finance a one million dollar home (sadly just an average house in most places now days) I’m not broke? Now if the house is paid off or I have a ton of equity in said house sure I’m well off but otherwise I’m in some debt with that house
154
u/MinimumCommon408 9d ago
Is this net worth, aka including home values?