Getting Graphic is a semi-sort-of-irregular collection of our favorite real estate-related images(s).

If we included primary residences, I would bet that 25% of home owners would qualify. It kind of surprised me that the most expensive housing market in the United States, Manhattan, only ranked 13th, but perhaps that can be explained by the debt service required to buy an apartment.

Click here for full graphic [NYT] and the original article

Source: NYT


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4 Responses to “[Getting Graphic] A Lot Of Millionaires Despite Excluding Primary Residences”

  1. erg says:

    Are you suggesting that 25% of homeowners countrywide would qualify as millionaries if their primary residence was included ? If so, I strongly disagree. Even in a state like NJ, the wealthiest in the nation, with a lot of very expensive real estate, median home sale prices were still around 345K last year. I won’t even go into vast tracts of the country (think the Midwest or upstate NY or Texas or most of PA), where housing prices have barely budged in years.

  2. Jonathan J. Miller says:

    Yeah, I guess I was exagerating a bit. However, I think its a big number. NJ is the wealthiest? I always thought it was Connecticut.

  3. erg says:

    NJ had the highest median income for several years. If not the highest, its pretty close to the highest today so I think its good for an illustration.

    Even then I’d be quite surprised if 25% of NJ homeowners were millionaries given the median sales price last year (which was pretty much the peak of the RE boom). There are many semi-rural counties, condos and the like, where RE is worth less. the same holds all over the US.

    If I had to guess, I’d say if you included promary residence, but subtracted mortgage, it would probably be 10 – 12 % of homeowners in the US.

  4. Ringel says:

    Actually, to be completely accurate, Middlesex County covers the northern inner suburbs of Boston, but does not include the City of Boston itself.

    The City of Boston (along with a handful of smaller municipalities) is in Suffolk County.