re: Homebuilders cancelling contracts to sell for more on market

quote:

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We make good money, probably even decent O-T money, but I still don't understand how so many people are able to purchase these 600k+ houses. We were approved at 700k on paper, but I would never, ever pay that much just for a place to live and I think it would leave our budget tight for anything of the things that I actually enjoy in life.

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I know a family, wife does not work, husband if I had to guess makes 35-40K a year. Nice house, nice cars, kids are in travel ball / dancing, take several nice houses a year. First few months, I was like, how?

Slowly the details come clear.

Inherited house from a grandparent. No mortgage.

Kids are on LA CHIP. Adults on on Obamacare.

The grandparent they inherited house from, they apparently inherited a truck from. Bought other car.

Another set of grandparents pays for ALL of the kids extra curricular costs.

Qualifies for EBT.

So if you are making 40K a year, probably paying 0 taxes, only have to pay for one car note, car insurance, utilities, homeowners insurance, and cell phone... you can afford to live a nice life on that low salary.

Meanwhile my wire and I make combined a number of multiples of that and I feel like I'm barely scraping by.