Owners of "million-dollar" houses represent nearly one-fifth of all household wealth in the United States, and two-fifths of this country's household net wealth is in the hands of the owners of "half-million-dollar-plus" houses, according to a new study released by Harvard's Joint Center for Housing Studies. These homeowners also represent half of the business wealth in the household wealth portfolio. The director of the Joint Center, Nicolas P. Retsinas, remarked, "The rise in the number and the value of 'million-dollar' homes in the United States reveals the widening disparities between the housing-haves and the housing have-nots. Ironically, in the midst of a shortage of affordable housing, 'million-dollar' homes have become increasingly common." "Million-dollar" and "half-million-...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.