Lol, too often, the mansion is the reason why they aren't millionaires.
1. Million dollar home does not necessarily mean a million dollars net worth. 2. There are probably more than 10,000 families in Lakewood so 20% of that would be at least 2k millionaires. Which is far higher than your estimates.
Ok, even if I trim my number to a more realistic 10%, it is still way higher than the rest of the country bh
You think Lakewood has more millionaire households per capita than all other frum communities?
Dunno.It's definitely one of the most entrepreneurial of the frum communities... similar to Willi and bk.Very different than the OT communities where ppl are happy with a nice proffesionl salary
Very true. Lakewood has a lower cost of living than most communities and less professionals/college graduates than (most?) other frum communities. All that adds up to higher rates of self-employment/entrepreneurship.
http://www.app.com/story/news/local/communitychange/2016/06/26/lakewood-goes-luxe/85952252/Finally a positive article about Lakewood. They're bipolar, one day the whole Lakewood is on food stamps the next day we're all billionaires!
Wyvr, AK really has to stop touting stuff THIS as the success of BMG. It is so distasteful and wrong. http://s000.tinyupload.com/?file_id=03060441258294997005
How do you explain the 6+ Duplexes for rent available in cedarwood hills?Is this investors who cannot sell, or buyers who cannot afford the mortgage? Either way the bubble is confirmed imho.http://masaumatan.com/MasaRentals.pdf
Did you notice that none of them are available yet? The owner hasn't even closed on it.
So?
They are houses bought with the intention of renting them out at first. How does that show a bubble regarding sales?
There are also developers/investors who keep a few houses for themselves, which they rent out, and then they "break even" tax wise on the project.