Small Business Owner of Any Repute
Mr. Moderate
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Posts: 13,431
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« on: December 08, 2008, 11:48:04 AM » |
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People with higher incomes tend to dwell in higher cost housing, which eats up a large amount of income that would otherwise be available for purchasing luxuries afforded the "rich." (60-inch LCD televisions! Diesel jeans! A brand new S-Class!)
They also trend towards home ownership, which is much more cost intensive in the near term (but rewarding come time for retirement).
Really, we can be talking about a family living in a $100,000 home in one area, and a family living in a $500,000 home in another. And likely, the $500,000 home isn't really that much better than the $100,000 home.
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