[joshuamorton]

Why on Earth do you think you need to make 950k/year to afford a million dollar home?

The mortgage on a 2 million dollar loan (which would be a 2.4 or 2.5 million dollar home) is 10k/mo or 120k/year, which is solidly affordable on a 400k income.

I know of 5 and 6 bedroom houses than can be gotten for that much in Palo Alto and Cupertino.

[hdhdhdd]

This is assuming you never lose a job or can get a new one to replace current one easily. When market downturns, those equity based salaries will go heavily discounted, and you might not be able to afford mortgage anymore.

People overestimate their max credit payments... And financial system incentivizes that (why wouldn't you borrow from 401k? It's just your retirement savings)

[joshuamorton]

Which are great reasons to be responsible and run a large emergency fund, or be responsible and make 450k combined before buying the house. But not reasons to make 900k.