Recently the Census Bureau released a report about national household incomes. Looks like the number of households earning $100,000 or more has jumped in recent years, coming in at 19% of the 116 million households. Here’s a run down of the numbers, provided by the Institute for Luxury Home Marketing:
One question I have is whether dual income households are taken into account. Many people are pushed above the $100,000 mark because they have two adults working, but that does not mean they have the ability to afford a more expensive home. And for that matter, with the increase of home prices the last five years, many people who make above $90,000, and are considered “rich”, can only afford a home in the lower $300,000’s.
Here in the Twin Cities, homes priced between $300,000-500,000 are very average in my opinion. They do not have luxury trends included. The main difference between a $300,000 house and a $500,000 home is location.