That’s not far off the current median home sales price in San Francisco and easily the median home price in many, many upper middle class neighborhoods across the country.
How many households in the US can afford a $1.5m home? Assuming they need $400k then we can see that that’s a 95th percentile household income in the US, which translates to about 6 million of the US’s total 135 million households.
Redfin has data showing about 8 million homes are worth $1 million plus, so 5 to 6 million households at the $1.5m mark seems about right as an estimate - or put another way - about 5% of US households could afford Warren Buffets home (but maybe not on a 95th percentile income in Omaha, Nebraska).
That’s not far off the current median home sales price in San Francisco and easily the median home price in many, many upper middle class neighborhoods across the country.
How many households in the US can afford a $1.5m home? Assuming they need $400k then we can see that that’s a 95th percentile household income in the US, which translates to about 6 million of the US’s total 135 million households.
Redfin has data showing about 8 million homes are worth $1 million plus, so 5 to 6 million households at the $1.5m mark seems about right as an estimate - or put another way - about 5% of US households could afford Warren Buffets home (but maybe not on a 95th percentile income in Omaha, Nebraska).
https://www.redfin.com/news/million-dollar-homes-increasing/