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"- They find undervalued homes that are sure to appreciate nicely over time
- 50% of millionaires bought their homes for less than $500,000 and
- almost all, 93% of millionaires' homes are now valued above $500,000

- They tend NOT to pay off their mortgages early
- 60% of all surveyed carry mortgages and 80% of those that bought their homes less than 23 years ago carry mortgages"<i/>

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Stanley states his survey primarily targeted areas 'rich' in miilionaire net worth houses. It does not include the rest of America.

I disagree that you can make assumptions as to which 40% of the group has no mortgages. That isn't provided. You can assume, but have no idea. How many of those houses were bought for cash? never had a mortgage?

The IRS database, of ALL millionaire households, not just the 773 the agreed to STanley's interviews (and there were those 'not interested), suggests the average home price is $277,000.

That's a lot of other 'less house rich' people that have to be added in.

I live in a $200,000 house. I have been here 10 years, going on 11. The mortgage of $100,000 was paid down in six years out of current income. I retired 2 years, 3 months ago at 52.5 years of age. My net worth is over 1 million. I have seen less than 1% appreciation in real estate value in 10 years. The house is about 6.5% of my net worth.

If I knew 10 years ago what I know now, and the tax laws were different then, like they are now, I would be living in a $130,000 house. Less than 5% of net worth.

Then again, money in the stock market earned about 20% a year over the past 10 years. Fortunately, I also had a good amount of money in that, which lead to my early retirement.

For people in Dallas, a house was a 'rotten' investment over the past 10 years, and if they bought 1980-1985, they have lost money.

- almost all, 93% of millionaires' homes are now valued above $500,000

<i/>

Again, the IRS statistics say the average is $277,000.

Throw in INTERCST, who doesn't even have a house, guess his is a ZERO, in that category, and it has to drop the average.











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