"Wealthy Americans frequently upgrade to larger, more luxurious homes as their fortunes grow, reflecting both lifestyle aspirations and investment strategies. According to ATTOM Data Solutions, the median price of U.S. homes sold for $1 million or more soared by approximately 30% between 2020 and 2023, while sales of homes above $5 million jumped more than 70% during the same period. High-net-worth buyers often seek amenities like home cinemas, resort-style pools, and smart-home systems,"
"In America, owning a larger home is often directly associated with having more success and wealth. In the case of one Redditor with a net worth of just over $5 million, this scenario is playing out in the r/ChubbyFIRE subreddit. While the family's current home is in good shape, and they haven't lived there very long, they suddenly want to buy a bigger home."
Wealthy Americans often move into larger, more luxurious homes as their fortunes grow, combining lifestyle aspirations with investment strategies. From 2020 to 2023, the median price of U.S. homes sold for $1 million or more rose roughly 30%, while sales above $5 million increased by more than 70%. High-net-worth buyers prioritize amenities such as home cinemas, resort-style pools, and smart-home systems, and they favor gated communities, waterfront properties, or prestigious urban locations. Luxury real estate functions as both a status symbol and a diversification asset for wealthy households. One family with about $5 million in net worth and six members is considering upgrading despite a sound current home.
Read at 247wallst.com
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