/biz/ - Business & Finance

those McMansions are on Loan, you have to wagecuck and pay the man, your entire life

About 1 in 30 Americans are millionaires. Did you know that?

On the other hand, home value != equity. Plus multiple people may live in the home but only one or two have their name on the mortgage. A single guy as a millionaire has effectively twice as much money as a married person (in economics this is known as Brendan Fraser's Law).

>>10802825
90% of those homes are mortgaged. The people who live in them are stuck sucking the bank's tiny circumcised Jewish dick for the rest of their lives.

>>10802825
mega mcloans my man

>>10802849

Why is MA so high?

>>10802825
The Jew bank owns them and lends them to the goyim in exhange for a lifetime of servitude. The Jew charges the goyim a fee for the service.

Land is the universal store of value. The speculator who sold the land to the developer in your pic beat the system. He let other people work and build shit to increase the value of his property while likely doing nothing for it himself. Then, once the area was sufficiently developed, he dumped his bags on the developer, who promptly dumped their Mexican pop-out shitboxes on the frivolous goyim.

Anyway OP, these people mostly aren't as well off as you think and only buy this shit because they're insecure that other people have it made and they don't.

when you get married she force you to sign a jewpledge!

>>10802825

>500k-1 million

literally peasant shacks

>>10802876
>Why is MA so high?
Boston

half of them are empty

>>10802876
Forget MA, why the hell is North Dafukcingkota so high? Is it just because no one lives there except the billionaires that can afford to get shit airlifted to nowheresville?

>>10802876
Old money. Colonial families.

Imagine buying a 1 million dollar house and paying over 1.5x that price. This is what you have to do if you want to 'buy a house'.

Here's a little math for you.

$1,000,000 house x 4% interest over 30 years = $1,718,695 over the lifetime of the loan. This doesn't even include insurance, property taxes, and hoa fees. Plus you have to maintain the house and property yourself which included mowing the lawn, cleaning, fixing random shit, dealing with repairmen, etc.

>>10802949

Thanks for that. Canadian so I have no clue.

>>10802946
oil

>>10802958

what is opportunity cost and the time value of money you dumb fuck

>>10802849
>Brendan Fraser Law

Top fukin kek

>>10802849
I can understand CT be higher than NY, but fucking MA and NJ too? What am I missing here?

>>10802980
What exactly is your point?

>>10802958
>mowing the lawn, cleaning, fixing random shit, dealing with repairmen, etc.

Funny enough, running a house like that is literally the job of a butler. They don't just murder the owner, they're also supposed to boss around the gardener, maid, repairmen, etc.

>>10802849
>tfw poorest man in the richest state

>>10803020
Suburban overflow from New York City. Some companies move to those states, but plenty of people live there are commute to the city.

>>10802958
>paying one million cash for a house instead of financing

Financing is literally the best option. You can invest the million anywhere else and have a return on it, while your house will only depreciate.

>>10802958
>implying the house won't appreciate at least 2-5x in 30 years
Depends where you live I guess, but taking into account all the millions of foreclosures, I never understood how banks make any money off of fixed rate mortgages

>>10803179
>but taking into account all the millions of foreclosures, I never understood how banks make any money off of fixed rate mortgages
They can't if there are too many foreclosures. That's why we had the 2008 subprime mortgage crisis.

>>10802825
its a scam op

they fucking cardboard. they're pressed fiber tinderbox shitholes but because its an hour and half commute to wagie central and two stories they can say theyre worth it

they arent worth shit biz. buy an acerage and build a real house

>>10803088
>>10803179
There is a huge difference between compound interest and capital gains on stocks.

>>10803088
> while your house will only depreciate.

Maybe the physcial house, but property values pretty much only go up.

Imagine buying a $100,000 house 30 years ago. You pay 70k in interest, but you'r home has appreciated by an order of magitude, but it's way easier to make the payments as inflation creeps up. It's way easier to swing 475 per month now than it was in 1990.

>>10802946
the fracking boom.

>>10803594
Mind your language, missy.

>>10802825

parent's have a $3 million house in palo alto and a $2 million house in cupertino. I have a $1.5 million house in Mclean.

*sip* i am set for life

>>10802958
First you're putting a down payment of at least 100-200k so your math is fucked

B) what that one guy said about financing and using the capital elsewhere (this is a scenario where you have 1MM dollars but you finance anyway leaving the capital free to invest)

>>10802958
And first of all you don't account for the value of the house once the mortgage has been paid off

>>10803772
>Mclean
Boomer detected

>>10803088

I have a relative who bought a house in a suburb in the early 60’s for about 25k, been living there ever since. It’s now worth about 900k despite being tiny and old. New houses built just a few hundred yards away are going for nearly 1.5 million. It’s great for old boomers but sucks if you’re a millennial

>>10802836
This. The banks own them all.

>>10803826
>It’s great for old boomers but sucks if you’re a millennial
It's not great for boomers if millennials can't afford to buy their houses and let them cash in on their investment

>>10802894

The Jew bank owns them, but it does not owe them.

The bottom line about interest is that it is time travel. You are given an option of buying something that technically should be affordable for you 30 years in the future. In exchange, you will pay them the price of the principal in interest, effectively buying it at double the price in exchange for time traveling your wealth.

>>10803855

Don’t worry about that, they can just rent their house to 4 or 5 zoomer slaves. That or sell to a newly rich Chinese investor who became wealthy from the boomers excellent decision to offshore American jobs 30 years ago.

>>10803857

>>10803875
EVERYTHING IS SO FUCKED GD IT

>>10803875

>>10803875

>>10803875

the average studio apartment in beijing is $1 million, many people own 2-3. There are probably 500-100 million Chinese who can easily buy a 1 million house

>>10802849
NJ holy shit!

>>10802825
>Theres so many 500k-1m dollar homes it seems like everyone has made it except for me

One word: debt
If you aint got it you are richer than 80% of all those people

>>10802949
This, all money only spend for housing and not fun stuff. Property can be a big liability as well, and you don’t need it to be happy. Most people dedicate their full life and resources to own a fucking house. Couples get divorced over such shit. No thanks.

>>10803875
China is starting to clamp down on this. What a lot of people don't know is that if the Chinese government finds out you bought property in the US/Canada with hidden money, they can seize the property and so all of the land the house is on now belongs to China.