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"So what we see from this information is that the typical multi-millionaire bought his present home for $560,000 and after about 15 years of living there has only paid down his mortgage to $300,000."

This is rather hard to believe since Stanley clearly states the average value of house for his survey group is $277,640 table 8.8

That is all 773 of his survey sample.

If I use your methods, since 40% have no mortgage, and 10% lave less than $100,000, then the average for the half of his millionaires is $20,000 outstanding mortgage balance, not $300,000. Of course, that is an average of the lower half.

You can also reference page 8, where is he is discussing a demographic survey...he says, quote:

"In spite of the high values of our homes, we generally have small outstanding balances"

You have to be very careful in Stanley's book. With the high end people (>20M) the median and average get skewed upward. Remember, his average net worth millionaire is around 3 million net worth.



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