House Millionaires

[Axtremus]

https://www.cnbc.com/2022/02/23/cities-with-an-average-home-price-of-1-million-dollars-tripled-last-year.html

The number of "million-dollar cities" with home listing values exceeding an average of $1 million has tripled since 2020, ...
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With the average price of a home up 19.6% last year, according to Zillow, 146 new "million-dollar cities" were added in 2021 … bringing the total number to a new record of 481.

So … does every one who owns a house feel flush these days?

[Horace]

If most of your net worth is in your home, you aren't wealthy. You can sell your home, but then, you have no home.

[Doctor Phibes]

The trick is to live somewhere really expensive, then move somewhere really cheap.

But then you live somewhere really cheap.

[Horace]

@Doctor-Phibes said in House Millionaires:

The trick is to live somewhere really expensive, then move somewhere really cheap.

But then you live somewhere really cheap.

Yeah.

The most effective use of "house millionaire" wealth is to pass it on to one's heirs, I suppose.

[LuFins Dad]

@Doctor-Phibes said in House Millionaires:

The trick is to live somewhere really expensive, then move somewhere really cheap.

But then you live somewhere really cheap.

I’m planning on moving back to Western PA for at least some of my retirement. https://www.zillow.com/homedetails/5680-Saltsburg-Rd-Murrysville-PA-15668/10683340_zpid/

30 minutes to skiing, 30 minutes to an incredible orchestra, 5 minutes to fishing on the river…

[Mik]

Hub airport (well it used to be - not sure about now), beautiful city, closer to me....

[Mik]

But seriously, our house has gone up dramatically. But if I sell, I just have to buy somewhere else. No gain.

[Copper]

I went from expensive to cheap, similar house, half the price.

[xenon]

@Copper said in House Millionaires:

I went from expensive to cheap, similar house, half the price.

I see it as part of retirement as well. I can move to a lower cost of living place when I'm older.

[Jolly]

My son has been in his home less than 5 years. He could make $200K on it, easy.

[LuFins Dad]

@Copper said in House Millionaires:

I went from expensive to cheap, similar house, half the price.

You went from DC Metro to the VA Peninsula…

[LuFins Dad]

@Jolly said in House Millionaires:

My son has been in his home less than 5 years. He could make $200K on it, easy.

We bought 6 years ago. The current value is 150% what we paid.

[Copper]

@LuFins-Dad said in House Millionaires:

@Copper said in House Millionaires:

I went from expensive to cheap, similar house, half the price.

You went from DC Metro to the VA Peninsula…

Cheap

And NO TRAFFIC!

Woo-Hoo!