Million dollar houses
What do we think of when we talk about million dollar houses? The first images to spring to mind are those of mansions in Orlando Florida or luxury homes by the beach in Costa Rica. Of course the reality is that these are the highest priced properties. House hunters looking for million dollar houses can find them throughout the US – and the world! But location is a crucial factor. A two bedroom apartment in Manhattan could easily tip the one million dollar mark – even today. While a home of that value in a more rural location could definitely fit our image of what a luxury estate should be. Multi – roomed with a swimming pool, sauna and acres of land.
So what makes million dollar houses?
Are they ones that are priced at a million dollars in today’s market? Or ones that originally cost at least one million? At one time that would have seemed a ridiculous question. But not today! There are areas in the US where the value of real estate is less than half that of five or six years ago. So we have instances of those people who were literal ‘millionaires’ in 2007 or 2008. They have continued to prosper in business. Moved onwards and upwards within their careers. Received increased pay to match their career progression. They have an extra 5 years worth of savings in their checking account. Yet they no longer have that millionaire status!
Does this really matter? Is the question purely academic? Well not really, no. We have all been raised to see property ownership as a sensible goal. An investment which was guaranteed to pay off. The possibility of actually losing money through home ownership was never a consideration. So does it matter that previous millionaires can no longer give themselves this title? No! But does it matter that many million dollar home owners now owe more on their property than it is actually worth? Undoubtedly. Because so many of us have found ourselves in a similar position over the past few years with our own homes – regardless of the value. It can leave you in an unenviable position. Particularly if a change in circumstances means you can no longer afford to live there. Can’t afford to stay! And can’t afford to put it up for sale! A position with no way out……….
The great news is that this is beginning to change. America’s – and the world’s – economic problems are far from over. But we are heading the right way. And this IS good news for us all. Whether or not we all live in million dollar houses at present is not the issue. With a growing economy we can get back on our feet and ALL have some form of financial security.
Of course we all want to own those million dollar houses. We spend hours picking up hints and tips from HGTV so that we can make ourselves a house and home to be proud of. Maybe that possibility could become a reality with one of the books you see to your right ……