The media is calling us " angry wealthy house owners". The reality is that we live paycheque to paycheque and and pay $5,000 mortgage a month.
When we bought our house 12 years ago, our house was $1,500,000, it's an old house and we needed to do some basic home depot kitchen renovations and had to use our line of credit, money borrowed from the bank to pay the home depot bills off. The house market is over inflated and if we had to buy a house for the first time now we would not be able to do so.
The price of our house has gone up since we bought it, but if we would to sell it today, we will not be profiting since to buy another house it would cost us the same or even more. We are a two income family and both work hard and are still finding it hard to pay our mortage and bills and already high house taxes.
For you to assume anyone with a house with a value of over $3,000,000 to be "rich" without understanding that it's all due to over inflated housing market, is ludicrous.