I live in a subdivision surrounded by million dollar plus homes. The retirees own them free and clear, the young folks, its doubtful. Including housing in net worth here it is easy to be a millionaire. But, I don't know anyone taking trips to Africa. Liquid cash available- who knows.
The government keeps saying it want more affordable housing constructed, it is essential! When asked the government spokesmen admitted they didn't have a definition of "affordable housing".
Jim
Those million dollar homes in your neighborhood are not an asset to the young folks. They're a chain around those young folks' neck. They only realize any liquidity when they sell, and if it's worth more than what they paid for it. I do know people that are constantly buying the next bigger house.
