The Rich Spend (Relatively) Little on Housing
People with average net worths of $6.8 million owns homes worth $545,000. Since the average price of a home in the US is $264,540, I think we can safely say the rich don’t necessarily spend lots of money (percentage wise) on their homes. Maybe it’s because they didn’t want to spend all the money on the bills a big home generates – they wanted to save and invest their money.
On the other hand, I know several people with $500,000 homes that have no where near $6 million in net worth. Those big homes are one of the reasons they will never have $6 million!