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Only 21% of his study group had a mortgage balance of $300,000.

If you read his book, you will learn the average millionaire realizes 3.3% of his net worth as income, to live on. If that is the case, I find it incredbile to hear you assert they are making payments on $300,000 houses


I'm certainly not making these statistics up. I'm looking at the same tables you are.
Table 8-5: From the Stanley study (N=733)
13.0% had mortgages of $300,000 to $499,999
16.3% had mortgages of $500,000 to $999,999
04.7% had mortgages of $1,000,000 or more
34.0% had outstanding mortgages greater than $300,000

I'm not sure where you are getting the 21% from.

The average home purchase in this group of 733 millionaires in Stanley's study purchased their home for an average price of $560,000 (p. 306 first paragraph) and Table 8-2 supports this.

You seem to be taking Stanley's study of millionaires and combining it with the IRS study (Table 8-8). I don't think you can necessarily do that. The $277,000 average home value you mention is NOT Stanley's study, it's the IRS's.

I think the purpose of Table 8-8 in Stanley's book is simply to illustrate the point of millionaire wealth compared to their current home value. The IRS study suggests nothing about the purchase price of these homes or how these millionaires treated their mortgages. Stanley's findings, however, taken together do just that.

Also, among the 733 millionaires in Stanley's study the The typical meadian level of net worth was $4.3 million while the median income was $436,000 (p. 7). Thus the "income realization" figure is more like 10%, not the 3.3% you mention.
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