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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Think4Yourself who wrote (67533)11/29/2006 1:46:48 PM
From: J. P.Read Replies (2) of 306849
 
Hmmm, interesting theory. I'd say that nice houses are pretty much inhabited by people making good money. And I'm also going to go out on a limb and say that small and modest homes are also usually inhabited by people who make little money.

Now, sure, "The Millionaire Next Door" may live in a small house and drive an old Chevy, but I can assure you that is the exception to the rule.

My experience is that people in McMansions are business owners, doctors, lawyers, financiers, and the like. My experience is that modest homes are occupied by people who are not quite so ambitious.

Now, back to my point. House prices are out of whack so that most people in the lower and middle spectrum couldn't realistically afford their own house. But upper incomes can, so they end up having to live in a lower class neighborhood to have a reasonable affordable mortgage. This is a situation that is out of whack. If you understood the Chicago area you may know what I was talking about.
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