Common question. Not sure if the answer given is complete enough, but it’s a start.
Question: Who can afford to afford all those homes I see advertised for sale that cost well over $1 million? Nor everyone is a doctor, lawyer, dentist or dot.com entrepreneur. And these houses that I see aren’t just in Scarsdale, N.Y., or Seattle — they’re in places like Albany, N.Y., too.
— Janie (last name withheld upon request), Cooperstown, N.Y.
The answer? Well, or one thing, there are a lot more rich people than there used to be.
Plus, there’s a lot of equity out there, just burning a hole in sellers’ pockets, waiting for the right home to buy.
Complete story: Million-Dollar Homes: Who Can Afford to Buy Them and Why? – By June Fletcher, The Wall Street Journal