Industry News

Million-dollar homeowners dominate household wealth

Harvard study finds only 1 out of 762 such owners is a minority

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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-dollar-plus" houses were a rapidly growing segment of housing markets during the 1990s. The increase comes from a combination of the quality of homes built in the last decade and the rising value of e...