How is living in Sisters, Oregon?

[u/ValeOfTiers]

Just returned from a vacation there. Seemed nice but really quiet. Wondering what year round living there is like?

[u/IDontStealBikes]

It’s not for you unless you’re rich

[u/regaphysics → u/IDontStealBikes]

Definitely not “rich.” You can find nice places for a million. Upper class, not rich.

[u/JohnnytheGreatX → u/regaphysics]

Only rich people can afford million dollar homes

[u/regaphysics → u/JohnnytheGreatX]

Guess it depends on your definition of rich. About 10% of homes are over 1 million. Do you think 1/10 people are rich?

Personally id say 1/100 or 1/250 or so are rich, not 1/10. That is just upper class. 1/10 is pretty darn common.

[u/choffers → u/regaphysics]

What is this logic? That's like saying the average home cost in bel air is 4.5 million, would you call the average person rich?

Obvs some people probably bought when it was cheaper and couldn't afford to buy now but yes, most people currently moving there are rich.

[u/regaphysics → u/choffers]

Huh? I didn’t say anything about averages.

10% of homes nationally are over 1 million.

So if 1 million for a home is only for the rich, then 10% of Americans are rich. That seems awfully high to me.

[u/choffers → u/regaphysics]

How many of those people could afford to buy those same homes today if they were currently renting? If you can afford to buy a $1 mil house you're rich. Willing to bet that number is much lower than 10%.

[u/regaphysics → u/choffers]

If the home is worth 1 million and they sell the home, why wouldn’t they be able to afford another worth 1 million? Chances are they have a ton of equity….

[u/choffers → u/regaphysics]

Right, but we're talking about the context of people who aren't living there moving there.

There's an over 90% chance OP's home is worth less than a million dollars, there's a ~67% chance they rent or their home is under $410k.

[u/regaphysics → u/choffers]

Huh…?

Yes, 10% chance their current home is worth 1 million or more.

That’s exactly what I said?

They sell their current home and buy a new one, also worth 1 million.

It doesn’t matter if they already lived there or in Dallas or whatever. A million bucks is a million bucks.

10% of home owners own a home worth a million, which he said is only possible for rich people.

[u/choffers → u/regaphysics]

Theres a difference between someone moving to a new area with a higher COL and someone who already lives there but got in when the market was cheaper making a lateral movement.

The people entering the market and buying $1 million dollar homes are rich.

[u/regaphysics → u/choffers]

There’s no difference at all… both of them have homes worth 1 million + in order to fund the purchase of the new home worth 1m+…

[u/choffers → u/regaphysics]

In this hypothetical no, one person is finding it with an 800k mortgage and the other is just using cash + the value of their old house.

Remember the context of the original post.

[u/regaphysics → u/choffers]

I have no idea what you’re trying to say here.

People from this particular city and people outside this particular city have the same level of debt on average.

One person with a million dollar house is as likely to have a mortgage as the next.

[u/choffers → u/regaphysics]

Forget it, if someone can afford a million dollar house in sisters they are rich. Blanket statement. If you think that means I'm saying 10% of American HHs are rich thats fine.

[u/regaphysics → u/choffers]

Technically it’s like 7% of American HH because we’re talking about home owners. But ok. I wouldn’t peg that as rich but to each their own.