How are some people who own luxury homes able to afford them/?

I live in a very big city. There are a nice handful of upscall, street and subdivisions in my area. Home in those neighborhoods ranging from $ 300,000.00 to $ 5,000,000.00 I know not all those people are wealthy some are yound, some older people, my English 4 teacher drives a 2004 lexus rx suv and resides in a gated community in a $ 400,000 plus homes with her husband. How are people able to afford homes like this? I would really like to know.How are some people who own luxury homes able to afford them/?
It is not true that only doctors and lawyers can afford those homes.





It really has to do with how long you've been a homeowner, and what market you've come from.





I hope no one misreads this as bravado or bragging.. I'm just trying to illustrate a point. It's possible to own an expensive house and an expensive car, as long as you are smart about the purchases, and save for them.





I lived in NYC for 30 years. My first house cost $35,000 in 1978. I sold it for $400,000 in 1995. I bought a house in NJ for $400,000, and sold that in 2004 for $800,000. My $1M house I own now has NO mortgage on it. Although the taxes are numbing ($12,000 a year), I dont have any other debt for my home. I also have owned 1-2 year old high end vehicles (BMWs and Lexus) after the biggest depreciation is already out of them. So I pay for a BMW (as a certified pre-owned) what someone pays for a new Buick, only my car wont depreciate as fast. I do a reverse car loan too. I save the money I would have to pay on a car loan BEFORE I buy a new car, so I have no car loan when I buy it. And I only buy it when I need it and can afford it.





Now my son just bought a house in Charlotte, NC. He and his wife saved every penny they could for three years to afford a down payment, and they were lucky to get in at a time the builders were looking for help, so they got a great deal. They bought a $350K home with 20% down. How many people do that these days?





So it's silly to BLAME success as being only the child of a couple of professions, illegal activities or inheritance. There is a lot to be said for saving, living within your means, timing, and a bit of good luck.





I wish you Good Luck in the New Year.How are some people who own luxury homes able to afford them/?
2 ways to look at it: a determined u + education= good job, good job + good spouse with good job= great home OR in a spiritual aspect...blessed, favored by God- in His word he said that he came so that we would have life MORE abundantly...those who believe %26amp; obey shall be blessed according to his riches in glory.
a.Inherited money,


b.invested well early


c. someting illegal


d.* maybe all three
For many in those homes they are not their first home.





If you bought a small house for not much money and lived their for quite a while, then sold when the market was great, you may have had a few hundred thousand to put down on your next home. Thus making your mortgage on the big house much less.





Do you live in Michigan? Our teachers make GREAT money and many bought into the subprime mortgages. Rest assured many will be losing those big houses soon.





I wouldn't even want the tax bill or the insurance bill or the heat bill for one of those McMansions. I enjoy my money and don't need a fancy car or house to make me feel good about my self. My ego is not tied up in materialistic things.
some people make more money than you think. They just dont tell others.


Im 21, and my apartment cost me 360k. The question is how do i afford it?
Only rich lawyers, doctors and business people are able to afford them.
The same way you can afford your home. They most likly make a hell of alot more money then we do.

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