It's math, I make about 80k/year, 52k of which I see once taxes are taken off. Assuming I work till I'm 65 that comes up to $1,612,000, but that is not accounting for ANY living expenses or things that can come up over the years so the amount I would have to put towards a house would be much less. I only have a few hundred extra at the end of the month after all the bills (including mortgage) come out so my 165k house is going to take a good 15-20 years to pay off, can't even fathom something in the million range. I would never pay that off.I've read a number of books written by alleged rich people and most of them say the first step and most important is attitude.
If you keep saying you will never make money it will almost certainly be true.
I despise Trump, but you have to admit he has a winners attitude.
He has a monkeys brain and a childs hands but he is definitely a winner at heart.
Also have to account for the fact that costs of living go up every year. By the time I'm in my 60's I'll be paying like $500/mo for most bills like hydro etc. It's why I want to be living off grid by then, less bills. This is also not accounting for savings. Once my mortgage is paid off in around 5 years from now I need to start saving more for retirement because right now all I have is my company pension, and I don't want to rely on that, it's not guarantee I'll get it. They could decide at some point to cut that out etc. That and it would be nice to actually retire BEFORE 65. I think the age is actually 67 now actually. Though sometimes they give out early retirement packages.
So yeah while I "technically" could afford a million dollar house I would be house poor - like not enough left to pay any bills, every cent I make would be going towards it and it would take most of my life to pay it off.
You pretty much need to be a millionaire to afford a million dollar house. If I wanted to put that kind of money towards a house I would also prefer something like this:
ONLY 20 MINUTES FROM THE CITY OF TIMMINS, ONTARIO Occasionally we get unique properties that really excite us. This is one of those. An investment property that is to surely go up in value over time. This is a drive to property in an UNORGANIZED township, Sheraton, only 20 minutes south of the...
And not a standard neighborhood house with a normal size yard. I can get that here for 100-200k.