I think of most houses as consumer durables. Owning one doesn't provide income the way municipal bonds do -- while some kind of housing is necessary to human functioning the way muni bonds aren't. JD
On 5/15/05, Eugene Coyle <[EMAIL PROTECTED]> wrote: > A nice house, free and clear is about $1 million around here. Doesn't > leave spare change for anything else. > > Doug Henwood wrote: > > > Jim Devine wrote: > > > >> Roughly, if you own more than $1 million in net worth, you're truly > >> rich, a capitalist. > >> > >> What percentage of the US population fits this definition? > > > > > > $1m is the 98th percentile of the wealth distrib. See: > > <http://www.nytimes.com/packages/html/national/20050515_CLASS_GRAPHIC/index_03.html>. > > > > Find your own place in the social hierarchy! > > > > Doug > > > -- Jim Devine [EMAIL PROTECTED] http://myweb.lmu.edu/jdevine
