02-25-2020, 05:32 PM
(02-24-2020, 10:30 PM)SunsetBengal Wrote: Those factors that you mention may have some impact on the legitimacy of some of those millionaires, but I believe the trend to be real. I work in Surveying, in one of the hotter real estate markets in the Nation, the Raleigh-Durham area. I took a year and a half hiatus from infrastructure and commercial site development to work for a firm that specialized in builders of new homes. During my time there, I was able to view many of the closing lists that our clients provided, about half of the clients spreadsheets listed method of payment, be it traditional financing with name of institution, or cash. I was astounded to see that on average, about 20% of these new homes were bought with cash. We're not talking cheap, starter homes, these are fine houses and townhomes in very affluent neighborhoods with a price range of $350K-$1M+.
Those figures would exclude everyone in the upper middle class and down. Leaving only the upper class. When you consider the upper class has stagnated the wages for 80% of us for at least four decades it totally makes sense they would pay $1M+ cash for a home.
