One out of 20 is a millionaire in the US

[Idgit]

if you are talking total worth then a million is not what it was 50 years ago. If you have a big home in a high level real estate area your total worth can easily top a million because that does not take into account your mortgage.

Now if the level was a million in say stocks and bonds and savings and so on then it would be much more valid

Net does include the mortgage liability, but in the coast markets, houses appreciate underneath you so fast they’re worth so much more than you paid a decade prior that it doesn’t matter what the balance on the mortgage is.

 

[MichaelWinicki]

Yes there are millionaires that don't live a upper class life style. If it was easy to be a millionaire everybody would be one. I myself am a comfort/luxury individual and that's why i will most likely never be a millionaire, but i and that's good enough for the time being

I think a lot of folks fall into that category.

 

[MichaelWinicki]

Net does include the mortgage liability, but in the coast markets, houses appreciate underneath you so fast they’re worth so much more than you paid a decade prior that it doesn’t matter what the balance on the mortgage is.

What's going to be interesting is the take away of the SALT deduction and how it affects housing values in places like NY, NJ, CT and California.

 

[Runwildboys]

Well this is a depressing topic.

 

[Idgit]

What's going to be interesting is the take away of the SALT deduction and how it affects housing values in places like NY, NJ, CT and California.

In CA, anyway, people will take readily available loans against equity if they have to. Appreciation on $1.5MM at 8% average is worth it. If not, there’s pent up demand from high-wage tech workers with income but no equity who are looking to enter the market. But yeah, it’s going to suck, regardless. Just one more scary expense to manage.

 

[MichaelWinicki]

Well this is a depressing topic.

Why?

 

[Sarek]

Well this is a depressing topic.

I like it. If we compared ourselves with all of humanity throughout history were living better than like 90% of them, maybe more. I like those numbers even though i'm not a millionaire. Iv'e had millionaire moments no question about it, and life is about the experiences, so if i died tonight i know what it is like to feel like a millionaire in some sense of the term.

 

[gmoney112]

What's going to be interesting is the take away of the SALT deduction and how it affects housing values in places like NY, NJ, CT and California.

I haven't gone over it exclusively with my accountant, but i'm hearing a lot of discouraging news on that front in TX as a landowner.

 

[Tabascocat]

So, which high-rollers here fall into which definition?

 

[MichaelWinicki]

I haven't gone over it exclusively with my accountant, but i'm hearing a lot of discouraging news on that front in TX as a landowner.

Really? I wouldn't have thought TX, but I don't live there.

 

[MichaelWinicki]

So, which high-rollers here fall into which definition?

You mean "Millionaire" or "Comfortable and poor" or just "Poor?" LOL!

 

[YosemiteSam]

Weehawken?

hah I used to use Savvis in Weehawken as a datacenter when I first moved to the NYC area. I came across the Tappen Zee, so once you got close. The view of NYC was awesome!

 

[YosemiteSam]

According to a report on the Global Wealth by Credit Suisse.

Americans count for 43% of the world's millionaires.

The flip side is the median wealth (not income but wealth) in the US is in 21st place at $55,000 per year.

One out of 20 what? Americans? That doesn't quite jive

As of 2016, there are 322,762,018 people in the US. As of 2016, it was listed that there are 10,800,000 millionaires. Adding 5-6 million millionaires over two years seems excessive, though eight years of bull markets and the last one being gangbuster bull market. I suppose it's possible!

That said, $1M isn't quite what it used to be. Between home-ownership (depends where you live of course) and a 401k that you've be constantly contributing too. (providing you're 40-50something. Breaking the $1M barrier shouldn't be that hard. Especially with what that 8+ year bull market pounding out profits into that 401k!

 

[Runwildboys]

Why?

I'm joking.

 

[Runwildboys]

hah I used to use Savvis in Weehawken as a datacenter when I first moved to the NYC area. I came across the Tappen Zee, so once you got close. The view of NYC was awesome!

Ick. I hate that place. BTW, they just replaced the TappanZee.

 

[Cowpolk]

You can easily tell when your driving through a neighborhood that people are millionaires or very close to it.

When you drive through my neighborhood you can tell i'm a workin man with 2 Mercedes Benz a Pinto yep I still have one and a 1977 Silverado HOT ROD PICKUM UP TRUCK

 

[YosemiteSam]

Ick. I hate that place. BTW, they just replaced the TappanZee.

Yep, thankfully I only cross the Tappan Zee once a year for NEAF up in Suffurn, NY.

 

[DasTex]

Really? I wouldn't have thought TX, but I don't live there.

We are top five in property tax percentages. Living in Austin - I'm perfectly fine with the housing prices coming down a little. Sure the equity is nice, but the property taxes - not so much.

 

[MichaelWinicki]

We are top five in property tax percentages. Living in Austin - I'm perfectly fine with the housing prices coming down a little. Sure the equity is nice, but the property taxes - not so much.

Not trying to be nosey... But what are the taxes down that way?

 

[Tabascocat]

Not trying to be nosey... But what are the taxes down that way?

Travis County(Austin) is just below 2%, so for a 250k house, it is about 5k a year. The highest in Texas is Fort Bend County at 2.4% and is located ESE of Houston.