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The statistics I am using are from the 733 Stanley studied. Average home purchase occured in 1986 for \$560,000 with a remaining mortgage of \$300,000. "

Yes, but again you are playing with the average, which you already have indicated is skewed way out of proportion to a normal distribution. The average income vs median is 2:1.

You can only have an income 3 million under the median....but the up side is unlimited....30 or 50 or 80 million.

Yes, and no

40% of the people have NO mortgage. No mortgage. 2 out of 5 have NO mortgage.....

10% have 100K mortgage

Thus, More than 50% have under \$100,000 mortgage, and if we assume some of these own the \$560,000 houses, now worth 1.4 million dollars, then you see that they essentially have NO mortgage payments of signficance either.....

a \$100,000 mortgage is less than 1/3rd of the after tax income of your 'median' millionaire. Do you fit that category?

More than half of all millionaires, then, have a mortgage they could easily pay off out of current income in less than a year, if they chose to do so. (according to the statistics).

The average mortgage is \$20,000 or 7% of outstanding balance for those with net worth below the median. Remember , 50.1% have a mortgage of less than \$100,000, and since 40% have no mortgage, that is 20K per millionaire in tht 50.1% group.

So, if you want to 'average', for more than half of the millionaires, 50.1% to be precise, their 'average' mortgage is under \$20,000, and their average income is over \$20,000 month, after tax.....so most millionaires could afford to pay off their mortgage in less than ONE MONTH if they chose to do so.

That they haven't is about the same as people after 20 years paying \$150/mo toward their mortgage, and not getting that excited about paying off the last couple years worth.....they just pay monthly and know they already own 97% of their house, and are in no hurry to finish paying it off...it doesn't even dent their budget.

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": MOST MILLIONAIRES, AT ALL LEVELS, CHOOSE TO CARRY MORTGAGES WHEN THEY CAN AFFORD TO PAY THEM OFF. "

You also confuse liquid assets with 'net worth'. When you own a farm or a business, that might be worth 5 or 10 million, it is not cash which you can use to pay for your house.

Even in your example, with a median income of \$400,000 yr, before taxes, that isn't enough to buy a \$560,000 for cash....even saving 20% of net pay, would take 8 or ten years. Thus the need for borrowing to make a large purchase without liquidating the family farm or business or corporation.

Don't confuse 'net worth' with stocks or bonds or other liquid assets.....or proclaim 'they have the ability to pay off the mortgage'. For some assets, you cannot convert part to cash easily - or want to, if you are growing your business, or have business partners, or are a corporation - you can't liberate part of the corporation to buy a house.

"Average home purchase occured in 1986 for \$560,000 with a remaining mortgage of \$300,000. The median wealth of this group is \$4 million"

Please note carefully the average home purchase, with the meadian income of 4 million, average income 8 million, that:

first of all 40% had NO MORTGAGE......the next group had small mortgages

second, they bought houses for a price worth less than 15% of their net worth today.

third, the majority have a mortgage of under \$100,000, and of those, the average is under \$20,000, or pennies vs their 1.4million net worth homes...

If we extrapolate that, half of all people living in a \$140,000 house would have a mortgage of \$2000 balance remaining...wow!....I'm excited.....real 'borrowing'....

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