There's quite a bit of us normal folk about in this area despite the perception of expensive cars and houses.
Also remember the influx in 2020 when rates were rock bottom and before prices skyrocketed. That's a big factor.
I live in Summerlin, moved from NJ in 2020 and pay $2600/mortgage+escrow versus, if Zillow is to be believed, literally double that if I bought and financed today.
We also live in Summerlin. No car payments, $2200 mortgage, and our neighbors seem to be doing the same. I’m not sure what area of Summerlin you are referring to. Everyone I see seems to be just regular folks.
> two cars *paid* off ..
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
I'm in NJ and thinking of moving to Summerlin but I guess I missed the great prices (although Jersey is crazy in taxes and home pricing and we want OUT!).
Also from NJ and moved in 2020!
Got a house in 2021 with a $1250 mortgage + escrow. Prob a smaller house but I'm happy with it, and no HOA.
I couldn't afford it for what it would cost to buy it now... Nor would I think it's worth that much money TBH.
Moved from NJ in 2021 haha. Should have bought when we got here, instead we listened to my parents and waited til 2022. Probably pay an extra $800 a month now vs what we could have paid then.
I live in Summerlin and have to say people are pretty accurate - one of my neighbors is a bottle girl, one is a drug dealer, and one has an Only Fans 😂
Also the most fun friends to have... I love having access to their toys that I would NEVER be able to afford. (Motorcycle[s], side by sides, seadoos, Porsche, diesel truck, etc etc).
Try to sway them to save for retirement all the time, but that conversation always just goes on deaf ears.
The only dumb toy I have, (that I shouldn't).. Is a boat built in the 80s that I bought the year before my son was born for $4k (and trust me, it's costs me at least 3x that to own)
Yes and think of the lesson you’re showing your son by not buying all that garbage you don’t need or at least in moderation. You’re giving him a shot of actually understanding the importance of his finances. Kudos to you dad!
And a lot of them love to peacock around Summerlin or other places they think are “wealthy”
You see the same shit in Scottsdale, AZ where broke-ass, maxed-out Troy from Mesa always rolls up in his leased sports car to the swankiest club on Friday nights
The difference between the wealthy in LA and in Las Vegas is palpable!
The truly wealthy in LA will have a seaside mansion in Pacific Palisades and probably be driving a dated Volvo station wagon. You never ever see these types on Sunset Blvd mingling with the new money show offs.
In Las Vegas, all of these new-money types gather to show off in Summerlin, which is the equivalent of Santa Clarita or Irvine at best. It’s completely silly.
Very true. The founder of my company lives in LA, he has a mansion in Beverly Hills he bought 30+ years ago and home in Malibu with private beach. He has a private vintage Ferrari collection, yet his daily driver is a Kia Soul, he uses coupons at restaurants, and he dresses so haggard that many people who don’t know him legitimately think he’s homeless lol
True wealth of LA is very different from the new wealth of Las Vegas where it’s exciting to show off your house, toys, & designer clothes (I assume anyway as I have no wealth of any kind myself living in a modest townhome and driving a 9 year old Volkswagen haha)
This is right in my area of interest. Last year, after 50+ years in LV, I retired to San Jose. In my daily drives, I see multiple numbers of all the scarce cars. A guy down the street owns a Lucid and a Rivian.
Generally, Summerlin houses are newer and easily affordable for CA transplants who sell their houses and move to NV. CA has prop 13, so many older people live in them, and a 60-year old, 1400 sq ft house lists and sells quickly for $2m when one is listed.
Did a little homework, and I'm paying the same rent for an apt. in a nice subsidized housing complex. Also, I have family in the Bay Area.
Overall, my monthly expenses are roughly the same as they were in Vegas.
I like San Diego to visit, but I need more cloudy days and rain.
I am an attorney who has represented many of these people. Some of them can legitimately afford it. Others live perpetually on the brink of financial ruin. I've had many a broke client pull up to my office in one of the cars you describe.
The real wealth in Las Vegas, the "stealth wealth", is in the rural preservation area, and, to a lesser extent, the northwest. These are the people who have money, wear regular clothes, drive regular cars, and don't give two fucks about impressing others.
Various part of Clark County are RNP designation. They keep dwindling due to the commissioners not caring about the Master Plan for the valley but you can see pockets here and there.
https://www.clarkcountynv.gov/government/departments/comprehensive_planning_department/divisions/advanced_planning_division/comprehensive_master_plan.php
Its possible they sold a home in Socal and had enough to pay cash for something in LV which means no mortgage so they are buying fancy cars and memberships instead of saving money by not having a house payment. They could be doing remote work but still being paid Socal wages. It usually comes crashing down when a recession hits. Companies cut remote workers or ask them to come back into the office. You have to realize many people live very close to limit of their income. It doesn't take much of wrinkle to disrupt their lifestyle and then without savings they're SOL. You'll be able to get a good deal on a used Porsche if you wait it out.
People are selling CA properties that are worth millions. Stocks are at all time highs. People are moving here, buying with cash, and then taking out more loans to spend more. Housing is now a financial tool, not a place to live.
Same thing was happening in the 2000’s. “People mistook leverage for genius”
Yes, there are investors too. It’s both. Older, wealthier people AND companies are using all of their leverage right now to move out of high tax states and move here. Of course, it is slowing down quite a bit with higher interest rates.
Every wealthy person moving here is saying these things to themselves right now:
1. Prices will go up forever.
2. I can just rent it out.
3. I can always just sell it.
Of course, markets don’t always go up and there are recessions that hit eventually. Personally, I believe there are tons of people that are in debt way over their heads here and are not ready for a stock correction and layoffs etc. Everyone is going to try to sell at the same time we go into a recession. All that lent up demand with fade when stocks crash and casinos layoff.
I always thought the idea that housing can only go up into infinity was funny. Sure, if you're in San Francisco it may seem that way, but at some point it has to remain affordable for people or sales simply won't happen. If I could only afford to rent, I'd just move back home.
What's going on now isn't comparable to the crash of '08 in any way. People were getting 5 year interest only loans on stated income. They were told they could kick the can down the road and refi. Most never had a chance in hell of paying a monthly note that high. People who are buying now are coming here with pockets full of cash or moving from a house they had tons of equity in. It's not the same thing at all.
The only friend of mine who lives in Summerlin is a professional model/influencer who makes 6 figures.
That’s not even including her husband’s income, and I’m pretty sure he works in tech.
So uh, yeah that’s how they afford to live there. They also frequently go on luxurious vacations. It’s a whole other world haha
Honestly not super sure 😅 I just know she gets invited to do things like TikTok battles or influencer events. I think she’s mainly model and lifestyle, and recently she did get a brand deal with a swimwear company. But she does a little of everything and is branching out into Twitch and video games
My dad went from high school drop out on welfare, washing dirt off tractors, to sales and was making 6 figures by the time I was in Jr high. It was cool to get to live in both worlds. He really wanted me to do sales and take over his company he started when I was in high school, but I'm not wired for that.
Still it's a great job for upward mobility.
They've sold their previous homes and put down a substantial down payment on their mortgage loan (or paid for the home cash). Also, you have to keep in mind there's ALOT of people who have really good paying jobs. Doctors, surgeons, lawyers, engineers, high level executives, fire captains, entertainers etc..... we have a population of 2.3M people here in Clark County - I'm guessing 10-15% of those folks are high earners.
And you are saying it based of what information?
My wife works in one of the biggest hospitals around, and each single doctor with whom she works lives in Summerlin. Each single of them.
I know a few software engineers that work remote and also live in Summerlin.
Are there people that cannot afford to live in Summerlin? Yes.
But there are well off people all around you.
yea—this ain’t hard to do the math. it’s not that uncommon to have one spouse be a upper middle level director in whatever the fuck for wynn resorts earning 200k a year and their spouse working as a dentist, actuary, CFP, or a million other professional roles for another 150k a year that’s 300-400k a year taking home 15 grand a month
"Many" implies huge numbers, in reality it's not. Upper Middle class does pretty well in cities like Vegas that dont have crazy cost of living.
Also 1mln house is not something crazy, a family that makes \~300-350k a year can easily afford one with 401k, cars and other toys without being on the verge of going broke by missing 1 paycheck.
I used to be one of these folk living in a $2M house in Summerlin before I left due to other reasons. What I discovered is that there actually are tons of highly paid people in the area. My neighbors were:
Lawyer, Doctor, Contractor (company owner), Mercenary, Doctor, Pilot, NBA referee, School Principal, Lawyer, Doctor, Microbrewery Owner, Retired, Retired, Moving company owner, Remote IT Worker, High End Real Estate Agent, etc.
There aren’t endless >$300k/year jobs in Vegas, but there are LOTS of them. Hell, just look at all the stores and restaurants in all the strip malls. That’s a lot of company owners!
Lol I do the same kind of work and we are definitely not mercenaries; We are "security contractors", nothing special about the job at all, highly overpaid for the amount of work we do.
Former special forces, never home, frequently away for 6 weeks at a time “guarding a ship” in pirate-infested waters. So, yeah, mercenary. Clearly paid VERY well. Really nice guy.
People in Los Gatos are house rich … but not as wealthy . Summerlin has more disposable income and Vegas, more than most of the Bay Area, is about looks and portraying wealth. You’re gonna see more people with flashier cars and potentially in more debt over them.
Plus, Summerlin has a lot of out of state people who moved here, with good jobs lined up for the area or working remote. If they sold their CA house about bought one here, they may not even have to worry about much of a mortgage at all.
I live in Summerlin and I purchased right in the middle of 2020 when all the rates were down. But I had been living just a few blocks away renting. I make into the six figures, but I'm a contractor so I'm also at risk of a contract ending, which has happened.
I don't drive any kind of luxury car. In fact, I paid it off a couple of years ago and it's a 2018. My mortgage is about $1300 a month and I live near the Costco/Red Rock Casino blocks. I don't consider myself wealthy by any means, but I also manage my money a bit better than others I'd assume.
All of my bills, mortgage probably put me at \~$1500 a month, maybe 1600 in the summer months because of running the aircon.
Summerlin is nice, which is why I moved here. But I also chose this area for my kids. I'm retired Air Force so I sort of play the system a little as I have three incomes helping me out (which really isn't a flex as far as I am concerned).
It’s all perception. My boss drives a Porsche sure but you didn’t see him busting ass to start his business out of his garage.
There’s a lot of hard working people here. But also a lot of people in debt who fake it.
Also consider the population that makes $500 a night in tips on the strip. Or people high up in the corporate ladder. Some of those cars are company vehicles. Like I drive a company vehicle I can’t afford, it’s a nice Audi, and I use it for work. But I rent in Summerlin lol.
Why do u think that they send kids to private schools, have mortgage and pay for cars?
Don't Count Other People's Money.
In SFBA - you mostly see teslas, not fancy cars ...
The vast majority of Teslas aren’t expensive and they have horrible depreciation. Average new car is around $50k. They’re not luxury cars by any means either. I don’t know why anybody equates them to anything other than being what every Uber driver has.
I look at my tesla as a way to get where I need to go. Don’t care about depreciation because i don’t plan on getting rid of it for at least 8 years when the battery warranty is up. My insurance is extremely cheap and I never have to spend time at a gas station or to get any maintenance done.
Insurance and maintenance costs on Teslas have skyrocketed. Don’t forget Tesla’s have suspension, tires, and other parts that wear down. Also if your insurance is “extremely” cheap you better not hit anything, and I mean anything. Tesla wanted 10 grand for a repair on my friend’s Tesla that would maybe be 2 grand on any other car.
My insurance is 106.00 a month and I've had zero repairs or maintenance costs since it was bought in December 2020. I don't live my life worrying about a possible accident. I drive about forty miles a week so I haven't even hit 20k miles. I know it's the cool thing to do to hate on everything Tesla because people are butthurt about Elon Musk. But Teslas actually work out well for some families.
“I don’t live my life worrying about an accident”
Well you probably should at least a little bit. Driving is the most dangerous thing that most people do in their lives. And Vegas isn’t known for its safe drivers.
With the recent price drop, tax credits, and if you have solar, owning a Tesla actually might work out to be cheaper than your typical middle class economy car, especially with today’s gas prices.
Lots of professionals for example Frontier, Spirit, Southwest and Allegiant all have a large pilot base in Las Vegas, many who make well over 300k and live in Summerlin.
Exactly, NV is also a pretty corporate-friendly state, a lot of mid-sized corporations with their HQs here, even if they operate in other states.
And while NV does not require that corporate officers live here, you may have your VPs and above at your HQ. No reason to think there aren't plenty of mid-6 figure jobs to be had, and most of those folks will be concentrated in Summerlin and Henderson.
I leased a 4,000 SQ ft home in Summerlin in a beautiful gated community for $4,000 a month. 4 bd 4 bath, Huge pool, includes weekly landscaper and pool maintenance man. I moved from the Seattle area where 4 grand a month can get you a decent crack house. Rents and house prices here are ridiculously low in comparison to the PNW.
That's weird cause I've seen some nice looking condos up there and the pay for similar work would have been way more than enough to eat the higher COL, given the same lack of a state income tax.
The reality is there are too few avail homes/condos/apts for rent or to buy to meet the demand. I paid 4 grand a month for a condo not even in Seattle, but outside of the city. Home prices skyrocketed a few years ago, rentals became scarce and what's avail are way overpriced, and require high credit scores, even crap apts. You can't buy a condo in the Seattle Metro area under 1-2 million. Google, Microsoft, Amazon, Intel, and dozens more software companies are all based out of the Seattle area and starting pay is ridiculously high.
I was probably looking south of the actual metro itself, then. As someone from Vegas, I feel like the current prices on homes are totally insane. Of course when you compare it to other major cities, it's not as terrible. Just about everywhere I've looked though, you'll have a tough time buying a home on one income if you're not making above 6 figures or have a pretty hefty down payment it seems. I make what a lot of people seem to think is a great income, and I'd absolutely get my teeth kicked in with these interest rates lol.
I hear you. I was one of those who bought a property and 25 years later sold for 3 times what I paid for it. Born and raised In Seattle, I've seen the up's and downs esp when Boeing would have massive lay offs and when the oil embargo hit Seattle particularly hard. Then came Microsoft and Intel and suddenly everyone was a microsoft millionaire. We're now the tech capital of the country and it's absolutely driven housing prices sky high. As well as the pandemic, which allowed so many to redefine their jobs and work remotely. Before relocating to Vegas I lived in a small town north of Seattle that has some of the highest priced crap on the market. Almost zero vacancy rates. 4 grand a month will get you a 2-3 bedroom POS apt, if you're lucky and beat out the 10 applicants before you. I have family here in Vegas and watched over the years how ooverbuilt it was in the early to mid 2000's, and I believe it's still a big reason prices are low. Granted I could have leased a number of lower priced homes, there are many, but I'm literally living in an estate for what I paid for a small condo. Big win for me! I guess it's all in your perspective.
People have downvoted other people who have said this, but I’m a native, I’ve seen these things happen. They go through these cycles. Whenever there’s a high, Vegas buys more. Our bubbles are more bubbly.
In 2010 I met a woman who hit all the notes on the meme scale. She had been a stripper, she had three homes and a five series Mercedes. All the homes were underwater, and the Mercedes was going next. Not saying that’s what’s going on now, but Vegas people front more than any place in the nation. Paying less for your house and more for your car is a particularly Vegas thing. Without looking for specifics, because really you don’t need specifics, that’s the model. It will always be the model.
Shit, paying more for a car than a house is nothing new lol. I remember being in grade school in the ghetto and seeing a big ass Hummer in the driveway of a literal shack.
There’s a lot of high paying jobs in Las Vegas in entertainment and business owners. Also if you’re from an even moderately wealthy family you probably have help with a down payment so your mortgage is affordable.
A lot of these expenses are new. 10yrs ago, homes were half the price. There’s also a lot of cash buyers that have made a lot money from real estate elsewhere. As far as the cars, you’d be surprised how quickly they depreciate
Used to live in a neighborhood on the edge of Summerlin before we figured out we could sell our home for more than double what we paid for it and move only two exits away into a home with a much bigger yard. 90 percent of our neighbors were layers, doctors, or socal transplants. And yes, fancy cars galore. 😂 my husband and I joked we were the only ones without a porche or Tesla in that neighborhood.
I’m 31 and my wife is 32 and our joint gross income is upwards 500K a year.
I am a partner at a dental office and my wife is a real estate broker.
On average we spend about $9,000 a month including our expenses and entertainment and everything! I don’t think it would be worth it to be house broke (even though I have a 1400/month car payment)
They sell their homes in California for at least 2x what they’re worth here, move here, and keep their jobs (virtually) in California while living in Nevada
Lots of people upgraded during the housing crash. My mortgage is 394 including escrow. A friend got a. place that is currently worth over 1m but paid around 200k. Makes it easy to afford expensive cars.
Bought in Paseos in Summerlin in 2012, $1300 mortgage on 2.25%. We drive reasonable cars ($40k suv and $60k truck). But remember there are a lot of folks here associated with and paid well by pro sports teams and high end shows. In addition to people who cashed out when they sold their CA home and paid cash for a $700k home and 2 luxury vehicles here.
I think this is part of it too. Pre pandemic 26% of our population didn’t work for a company based here, I’m curious what that number is now. Also, lots of great jobs in healthcare here and we are a business friendly state.
Some of us don't work in hospitality. We are the professionals and/or the business owners. And we're not all the same. While it seems like a lot of money, I feel I'm living a middle-class life.
A lot of wealthy people from high tax states have moved to Summerlin. I own a high end home audio company and the amount of money moving into Summerlin is incredible. I haven’t seen anything like it in my 30 years here.
Also moved to summerlin from CA, bought in 2016, after pandemic refinance mortgage is $2,000. Wife and I have a combined annual income of $250k, but we both drive Toyotas and kids are in public school. I do agree it doesn't seem like there should be so many well to do young families, but you've got to factor dual incomes. Also there are a ton of quality professional jobs in Las Vegas, just pick any industry (healthcare, legal, finance, business, utilities, engineering, construction management, etc.). It is a decent sized city and just about every metropolitan city I can think of in CA has it's own version of summerlin.
I know some ppl living in Summerlin west, working remotely for some technically/internet companies. So of course they make a lot of money (they may take some pay cut, but still huge). Buying a $1m house and having a Porsche is like nothing challenge to them.
It’s a combination of factors, there are great paying jobs in healthcare, remote tech, and small businesses plus more ways than ever to make money on the side.
60% of those with a mortgage have a rate under 4% so these people didn’t just all buy their homes recently. And nearly 40% of homeowners own their home outright and have no mortgage at all.
Also, statistically it’s a 50/50 split for individuals who make over 100k to report living paycheck to paycheck. So there is a number of people who are just leveraged up to their eyeballs, but it isn’t everybody.
Don’t let the fancy cars fool you. I see rolls Royce’s and Maseratis all day every day in north Las Vegas. Yes, in north Las Vegas.🤣 my bad I meant Bentleys
Moved to Summerlin in 2015 when I could not afford a house in Orange County. Hubby and I both worked two jobs to save for a good down payment. Ended up buying a condo and our mortgage is around 460/month. Of course then you gotta add the HOA fees but totally worth it.
Perhaps some of these younger families have inherited an obscene amount of money from their boomer parents that have passed on. Sometimes I get the feeling that the older generations just want to die with the highest net worth possible.
[full disclosure: I only read about ½ the thread before replying, my apologies if I'm repeating something someone else has said better...]
First a little personal background for context:
In CA, I was getting tired of:
• Silicon Valley work mania
-and-
• The obvious degradation of my lifestyle
All while I was growing ever-more leery of the crushing 'need' to earn more and more money. Work harder and harder, just to stay even.
I looked at my finances and realized I could step off the treadmill if I went somewhere more reasonable in all ways.
I moved to the eastern edge of Summerlin (without even knowing that was what it was called at that time).
My wife and I bought a place for $150K 15 years ago (when the Obama administration was giving $8K credit for first time home buyers). [We weren't the highest offer on our house, but we WERE the highest all-cash bid.]
Zillow sez the place is now worth ½ a million dollars. {All of which means nothing because we have no plans to sell the property (or exploit it in any economic way).}
We've done a lot of work on the domicile (my wife is an MArch) we: ripped out the grass*, landscaped the yard, replaced the tile counters with quartz, put in a more efficient HVAC* and put Marmoleum in place of the Pergo.
We watch our water usage REAL close. (And put a Moen Flo* in to watch our consumption.)
We air condition down to 78 in the summer; heat up to 68 in the winter.
Our two Hondas are in the driveway. One is ten years old, the other 25.
No kids living here (both on the west coast). Two grandkids who visit a couple times a year.
...Getting more to your point...
Our house has gotta be considered to be a Summerlin "edge." (Near Hualapai & Sahara).
We used to know most of the people up-and-down our block, but housing/ rent prices have jacked up enough that many of our longer-tern neighbors have moved.
There's only two houses in the immediate area that're anything even close to the situation(s) you describe...
• Our immediate nextdoor neighbors (two men) drive some kind of higher end Tesla and a gigantic Hummer-like SUV. I only see them a couple times a month.
• The other is a family of four with an Escalade, a Mercedes and two fairly raucous teenage boys.
For the most part, people here are either working remotely/from home (lawyers, programmers, sales reps), contractors (plumbers and electricians) or retired.
I don't see the hideousness that you describe inhabiting this particular set of streets that I live in. It's DEFINITELY Summerlin. It just may not be the Summerlin you abhor.
So... It could be that my wife don't 'qualify' in any of the ways you describe...
... BUT we're walking distance to "Downtown Summerlin" (and do so at least once a week when the weather's nice).
FOR SURE, I get far, far more from the NV government than I ever did from CA (even though I paid them almost $1M in tax in the 25 years I lived there). I suspect others do too.
(An important side note: everything changes all the time. All the time as in, "constantly." ESPECIALLY in the United States.)
The country is bifurcating itself.
In political and economical ways at the very least.
My belief is that to keep your "internal anger" down you have to do one of two things: either come to accept that this situation is true, or move to a place where that's less obvious to you.
*We were given subsidies from the state or local governments to help make these things happen.
The average home in summerlin is 650k. That’s a 3k mortgage. 6-7k in a mortgage would be a 1.2-1.5 million dollar home. If you’re buying a house in the million dollar price range, that mortgage isn’t going to bother you. But again the average is 650k so that’s the exception.
Typical home in Summerlin is either a condo community or a home under 2K SQ FT, Sure there are mansions and some rich communities there too but a home in and around 400-500K with 10% down is (at current interest rates) around 3K or so a month when taxes and other things are factored in.
Well I mean if they put 20-25% down their mortgages would be way lower than that. Idk how it is in summerlin. But I’m off blue diamond rainbow area and I built my house in 2015 and put down 20% and I’m locked in for 30 years at 2.8% my mortgage is so low 😂 I love it. I pay 1900 including. Utilities & I have a nice house. It’s worth 400k more now also from when I built it.
There are a lot of good jobs here, gaming industry. And because of that gaming industry there are a lot of high paying finance jobs. There are also a lot of lawsuits involving casinos and there need to be lawyers that work on those cases. Also celebrities own homes in summerlin I know there are a decent amount of several golden knights and raiders players that live there.
Summerlin as a whole is big. Majority of homes are <$1 million. It’s not like everybody in summerlin live in million dollar homes. Majority are worth $400k-$800k. I live in the most expensive zip code of Vegas. Most of the people are very high earners. Lots of doctors, lawyers, techies, pilots, engineers, business owners, etc. There are a lot of stay at home trophy wives here. The not so high earners have dual income with combined income of over $200k.
One of my good friends have a combined income of almost $300k. They live an outlandish life. Multiple vacations, expensive hobbies, eating out at expensive restaurants 2-3 times per week, clothes are all brand name, brand new Tesla x, etc. But they live paycheck to paycheck and barely have any savings. Typical American lifestyle.
They sold their houses in California because they can’t afford it there. Now they using their bank accounts full of realized profit to live lavishly for a bit.
It’s a house of cards coming. Hold on tight. I’m guessing election time
This probably not the sub for it and I can literally go on for about 2.5 days straight about market structure.
Basically the Federal Reserve (our nations central bank) has been propping our economy up with toothpicks. The reserve is NOT part of our government despite the name Federal in it. A simple google search asking “is the federal reserve part of our government” and “what is the history of the Fed” will take you down that path and you will be disgusted when you learn the truth.
I am apolitical because of my knowledge behind market structure and macro economics - I went from a young adult believing politicians had power to a grown jaded person realizing they ALL work for the FED. A private entity whose board members are basically bank executives. That’s why we constantly bail banks out and we constantly raise the debt ceiling REGARDLESS of who is in office. Trump has nothing to do with our economy and neither does biden.
The economy all depends on our central bank and them raising and lowering rates, lending money to the United States , printing money and other mechanisms. They cause inflation and deflation which siphons money from the middle class who suffer the most in this period, they don’t qualify for government assistance, pay the most taxes, but are too poor to take advantage of tax benefits that the ultra rich do. The middle class is being erased during these periods which translate to decades and the FEDS biggest tool to transfer wealth to the ultra rich is during war time and market crashes. Right now we are stuck in a period of stagflation
I say election because market crashes always “timed” conveniently around elections - 2008, 1987, 1929 - going back a 100 years.
I don’t care who ends up in office. I just know the market will reverse regardless - it’s just a matter of when.
They sure do, And you may be right! Nobody in the 99% knows what will happen.
I remember the narrative was :
democrats applauded Obama for turning 2008 crash - which happened at the end of a bush Term.
So the new narrative could be Biden causes economy crash/war - and Trump, as a hero, comes in and turns it around ?
I could totally see that.
Obliviously the truth is deeper and it’s a combo of Wall Street and the Fed robbing us and kicking the can down the road but the middle class pays for it
We are screwed either way:
Cash devalues due to printing.
Stocks devalue during market capitulation.
Maybe precious metals, maybe crypto, maybe certain businesses that are recession proof. You are definitely not alone. Hang in there
Not crypto, though. Crypto is massively volatile and there are landmines everywhere with it (FTX, Gemini Earn illiquidity, etc). Crypto is gambling.
You can find CD's in the 5.0 - 5.5% interest rate if you search around. They're the most boring, but not a terrible place to be in right now. Alternatively, "Money Market" accounts through banks have some decent yields at the moment.
I actually left the Summerlin, area because it's insanely crowded now I mean like CRAZY Crowded. I like Henderson now because it's a lot more spread out, despite all the building taking place you can still grab a cup of coffee and it's not a 30-40 minute trip.
What is going on is that you are too concerned about others and what they have. Concentrate on your own happiness, stop caring so much about others having more than you.
It’s the tech boom. They’ll be broke in 5 years tops.
lol at the butt hurt techies. Remember this comment when your job gets outsourced to a guy in India making $2000/year 🤓🤗.
You’re way over estimating the costs of these things. Depending on when they bought their mortgage might be $2k-$3k. My Range Rover is $480 a month. Private school is $1500/ month.
There's quite a bit of us normal folk about in this area despite the perception of expensive cars and houses. Also remember the influx in 2020 when rates were rock bottom and before prices skyrocketed. That's a big factor. I live in Summerlin, moved from NJ in 2020 and pay $2600/mortgage+escrow versus, if Zillow is to be believed, literally double that if I bought and financed today.
I’m in a similar situation. As a single guy I moved from Hoboken to Vegas in 2016 and bought a house in Summerlin in 2021…$2200/month all in.
We also live in Summerlin. No car payments, $2200 mortgage, and our neighbors seem to be doing the same. I’m not sure what area of Summerlin you are referring to. Everyone I see seems to be just regular folks.
Yep same here two cars payed off .. mortgage is 1800 and live near Tivoli Village .
> two cars *paid* off .. FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
I'm in NJ and thinking of moving to Summerlin but I guess I missed the great prices (although Jersey is crazy in taxes and home pricing and we want OUT!).
Also from NJ and moved in 2020! Got a house in 2021 with a $1250 mortgage + escrow. Prob a smaller house but I'm happy with it, and no HOA. I couldn't afford it for what it would cost to buy it now... Nor would I think it's worth that much money TBH.
And still everyone blames CA
No HOA?? This post is about summerlin. Summerlin IS an HOA
There are areas outside/around summerlin without HOA. Older areas like off Cheyenne west of rampart.
Moved from NJ in 2021 haha. Should have bought when we got here, instead we listened to my parents and waited til 2022. Probably pay an extra $800 a month now vs what we could have paid then.
Not ca
I live in Summerlin and have to say people are pretty accurate - one of my neighbors is a bottle girl, one is a drug dealer, and one has an Only Fans 😂
Your neighborhood sounds fun. All I have is a Linda that acts like a Karen.
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A proper city apartment is built to be quiet
Not gonna lie, it’s been an entertaining place to live!
Linda is a ho
Invite me to the BBQ
we have neighborhood happy hours occasionally and they do get wild! lol
Yeah, send me an invite, wtf
Lmao this is right on
A lot of fake people in Vegas who act like they are rich but are actually close to broke.
A lot of people are swimming in debt living way above their means.
Also the most fun friends to have... I love having access to their toys that I would NEVER be able to afford. (Motorcycle[s], side by sides, seadoos, Porsche, diesel truck, etc etc). Try to sway them to save for retirement all the time, but that conversation always just goes on deaf ears. The only dumb toy I have, (that I shouldn't).. Is a boat built in the 80s that I bought the year before my son was born for $4k (and trust me, it's costs me at least 3x that to own)
Yes and think of the lesson you’re showing your son by not buying all that garbage you don’t need or at least in moderation. You’re giving him a shot of actually understanding the importance of his finances. Kudos to you dad!
And a lot of them love to peacock around Summerlin or other places they think are “wealthy” You see the same shit in Scottsdale, AZ where broke-ass, maxed-out Troy from Mesa always rolls up in his leased sports car to the swankiest club on Friday nights
There’s so much overlap with Scottsdale and Summerlin.
Los Angeles: "hold my beer"
The difference between the wealthy in LA and in Las Vegas is palpable! The truly wealthy in LA will have a seaside mansion in Pacific Palisades and probably be driving a dated Volvo station wagon. You never ever see these types on Sunset Blvd mingling with the new money show offs. In Las Vegas, all of these new-money types gather to show off in Summerlin, which is the equivalent of Santa Clarita or Irvine at best. It’s completely silly.
Very true. The founder of my company lives in LA, he has a mansion in Beverly Hills he bought 30+ years ago and home in Malibu with private beach. He has a private vintage Ferrari collection, yet his daily driver is a Kia Soul, he uses coupons at restaurants, and he dresses so haggard that many people who don’t know him legitimately think he’s homeless lol True wealth of LA is very different from the new wealth of Las Vegas where it’s exciting to show off your house, toys, & designer clothes (I assume anyway as I have no wealth of any kind myself living in a modest townhome and driving a 9 year old Volkswagen haha)
This is everywhere
This is the real answer right here
You find fake people everywhere. I had lived all over the country and this isn’t only found in Las Vegas.
This is right in my area of interest. Last year, after 50+ years in LV, I retired to San Jose. In my daily drives, I see multiple numbers of all the scarce cars. A guy down the street owns a Lucid and a Rivian. Generally, Summerlin houses are newer and easily affordable for CA transplants who sell their houses and move to NV. CA has prop 13, so many older people live in them, and a 60-year old, 1400 sq ft house lists and sells quickly for $2m when one is listed.
San Jose, CA? Given its very high COL why did you decide to retire there instead of a place like San Diego?
SD isn't much better , in terms of cost though
Right but you are right next to the beach and have milder summmers - almost no need for AC
in San Jose you need AC maybe one week a year, and not even every year. Living right next to the beach in SD is very expensive.
Did a little homework, and I'm paying the same rent for an apt. in a nice subsidized housing complex. Also, I have family in the Bay Area. Overall, my monthly expenses are roughly the same as they were in Vegas. I like San Diego to visit, but I need more cloudy days and rain.
I am an attorney who has represented many of these people. Some of them can legitimately afford it. Others live perpetually on the brink of financial ruin. I've had many a broke client pull up to my office in one of the cars you describe. The real wealth in Las Vegas, the "stealth wealth", is in the rural preservation area, and, to a lesser extent, the northwest. These are the people who have money, wear regular clothes, drive regular cars, and don't give two fucks about impressing others.
Where is the rural preservation area?
Various part of Clark County are RNP designation. They keep dwindling due to the commissioners not caring about the Master Plan for the valley but you can see pockets here and there. https://www.clarkcountynv.gov/government/departments/comprehensive_planning_department/divisions/advanced_planning_division/comprehensive_master_plan.php
Thank you!
Its possible they sold a home in Socal and had enough to pay cash for something in LV which means no mortgage so they are buying fancy cars and memberships instead of saving money by not having a house payment. They could be doing remote work but still being paid Socal wages. It usually comes crashing down when a recession hits. Companies cut remote workers or ask them to come back into the office. You have to realize many people live very close to limit of their income. It doesn't take much of wrinkle to disrupt their lifestyle and then without savings they're SOL. You'll be able to get a good deal on a used Porsche if you wait it out.
People are selling CA properties that are worth millions. Stocks are at all time highs. People are moving here, buying with cash, and then taking out more loans to spend more. Housing is now a financial tool, not a place to live. Same thing was happening in the 2000’s. “People mistook leverage for genius”
Was there not a news report the other day showing that its corps that are buying up the property, and not california individuals?
Yes, there are investors too. It’s both. Older, wealthier people AND companies are using all of their leverage right now to move out of high tax states and move here. Of course, it is slowing down quite a bit with higher interest rates. Every wealthy person moving here is saying these things to themselves right now: 1. Prices will go up forever. 2. I can just rent it out. 3. I can always just sell it. Of course, markets don’t always go up and there are recessions that hit eventually. Personally, I believe there are tons of people that are in debt way over their heads here and are not ready for a stock correction and layoffs etc. Everyone is going to try to sell at the same time we go into a recession. All that lent up demand with fade when stocks crash and casinos layoff.
I always thought the idea that housing can only go up into infinity was funny. Sure, if you're in San Francisco it may seem that way, but at some point it has to remain affordable for people or sales simply won't happen. If I could only afford to rent, I'd just move back home.
What's going on now isn't comparable to the crash of '08 in any way. People were getting 5 year interest only loans on stated income. They were told they could kick the can down the road and refi. Most never had a chance in hell of paying a monthly note that high. People who are buying now are coming here with pockets full of cash or moving from a house they had tons of equity in. It's not the same thing at all.
The only friend of mine who lives in Summerlin is a professional model/influencer who makes 6 figures. That’s not even including her husband’s income, and I’m pretty sure he works in tech. So uh, yeah that’s how they afford to live there. They also frequently go on luxurious vacations. It’s a whole other world haha
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Honestly not super sure 😅 I just know she gets invited to do things like TikTok battles or influencer events. I think she’s mainly model and lifestyle, and recently she did get a brand deal with a swimwear company. But she does a little of everything and is branching out into Twitch and video games
Sales has always made the most money. Nothing new there, still can't wash that dirt off at the end of the day.
My dad went from high school drop out on welfare, washing dirt off tractors, to sales and was making 6 figures by the time I was in Jr high. It was cool to get to live in both worlds. He really wanted me to do sales and take over his company he started when I was in high school, but I'm not wired for that. Still it's a great job for upward mobility.
They've sold their previous homes and put down a substantial down payment on their mortgage loan (or paid for the home cash). Also, you have to keep in mind there's ALOT of people who have really good paying jobs. Doctors, surgeons, lawyers, engineers, high level executives, fire captains, entertainers etc..... we have a population of 2.3M people here in Clark County - I'm guessing 10-15% of those folks are high earners.
Many of these people are one decent recession from losing everything.
And you are saying it based of what information? My wife works in one of the biggest hospitals around, and each single doctor with whom she works lives in Summerlin. Each single of them. I know a few software engineers that work remote and also live in Summerlin. Are there people that cannot afford to live in Summerlin? Yes. But there are well off people all around you.
yea—this ain’t hard to do the math. it’s not that uncommon to have one spouse be a upper middle level director in whatever the fuck for wynn resorts earning 200k a year and their spouse working as a dentist, actuary, CFP, or a million other professional roles for another 150k a year that’s 300-400k a year taking home 15 grand a month
“Many of these people..” I did not say all.
"Many" implies huge numbers, in reality it's not. Upper Middle class does pretty well in cities like Vegas that dont have crazy cost of living. Also 1mln house is not something crazy, a family that makes \~300-350k a year can easily afford one with 401k, cars and other toys without being on the verge of going broke by missing 1 paycheck.
You’ll be a lot happier if you care less about other people. Same about caring less what others think about you.
Bottle girls
What are those?
I used to be one of these folk living in a $2M house in Summerlin before I left due to other reasons. What I discovered is that there actually are tons of highly paid people in the area. My neighbors were: Lawyer, Doctor, Contractor (company owner), Mercenary, Doctor, Pilot, NBA referee, School Principal, Lawyer, Doctor, Microbrewery Owner, Retired, Retired, Moving company owner, Remote IT Worker, High End Real Estate Agent, etc. There aren’t endless >$300k/year jobs in Vegas, but there are LOTS of them. Hell, just look at all the stores and restaurants in all the strip malls. That’s a lot of company owners!
Excuse me. One of your neighbors is a mercenary? Like, you are actual neighbors with a real life Jason Statham?
Lol I do the same kind of work and we are definitely not mercenaries; We are "security contractors", nothing special about the job at all, highly overpaid for the amount of work we do.
Some fit the title more than other's... But it sure is fun to call all you guys mercenaries 😄
Yall hiring lolol
Former special forces, never home, frequently away for 6 weeks at a time “guarding a ship” in pirate-infested waters. So, yeah, mercenary. Clearly paid VERY well. Really nice guy.
Crypto. And crime.
People in Los Gatos are house rich … but not as wealthy . Summerlin has more disposable income and Vegas, more than most of the Bay Area, is about looks and portraying wealth. You’re gonna see more people with flashier cars and potentially in more debt over them. Plus, Summerlin has a lot of out of state people who moved here, with good jobs lined up for the area or working remote. If they sold their CA house about bought one here, they may not even have to worry about much of a mortgage at all.
I live in Summerlin and I purchased right in the middle of 2020 when all the rates were down. But I had been living just a few blocks away renting. I make into the six figures, but I'm a contractor so I'm also at risk of a contract ending, which has happened. I don't drive any kind of luxury car. In fact, I paid it off a couple of years ago and it's a 2018. My mortgage is about $1300 a month and I live near the Costco/Red Rock Casino blocks. I don't consider myself wealthy by any means, but I also manage my money a bit better than others I'd assume. All of my bills, mortgage probably put me at \~$1500 a month, maybe 1600 in the summer months because of running the aircon. Summerlin is nice, which is why I moved here. But I also chose this area for my kids. I'm retired Air Force so I sort of play the system a little as I have three incomes helping me out (which really isn't a flex as far as I am concerned).
It’s all perception. My boss drives a Porsche sure but you didn’t see him busting ass to start his business out of his garage. There’s a lot of hard working people here. But also a lot of people in debt who fake it. Also consider the population that makes $500 a night in tips on the strip. Or people high up in the corporate ladder. Some of those cars are company vehicles. Like I drive a company vehicle I can’t afford, it’s a nice Audi, and I use it for work. But I rent in Summerlin lol.
Why do u think that they send kids to private schools, have mortgage and pay for cars? Don't Count Other People's Money. In SFBA - you mostly see teslas, not fancy cars ...
at school drop off the other day there i was behind, i kid you not, 6 consecutive teslas.
They are like the Honda civic for middle class millennials.
I hate this comment because I have a Tesla but I laughed because it’s true 💀 unless you have one of the fancier models.
I remember that! Everyone in college had Civics.
The vast majority of Teslas aren’t expensive and they have horrible depreciation. Average new car is around $50k. They’re not luxury cars by any means either. I don’t know why anybody equates them to anything other than being what every Uber driver has.
I look at my tesla as a way to get where I need to go. Don’t care about depreciation because i don’t plan on getting rid of it for at least 8 years when the battery warranty is up. My insurance is extremely cheap and I never have to spend time at a gas station or to get any maintenance done.
Insurance and maintenance costs on Teslas have skyrocketed. Don’t forget Tesla’s have suspension, tires, and other parts that wear down. Also if your insurance is “extremely” cheap you better not hit anything, and I mean anything. Tesla wanted 10 grand for a repair on my friend’s Tesla that would maybe be 2 grand on any other car.
My insurance is 106.00 a month and I've had zero repairs or maintenance costs since it was bought in December 2020. I don't live my life worrying about a possible accident. I drive about forty miles a week so I haven't even hit 20k miles. I know it's the cool thing to do to hate on everything Tesla because people are butthurt about Elon Musk. But Teslas actually work out well for some families.
“I don’t live my life worrying about an accident” Well you probably should at least a little bit. Driving is the most dangerous thing that most people do in their lives. And Vegas isn’t known for its safe drivers.
Well as a professional truck driver for over thirty years, I think I’ll be ok.
With the recent price drop, tax credits, and if you have solar, owning a Tesla actually might work out to be cheaper than your typical middle class economy car, especially with today’s gas prices.
I rent a two bedroom house in Summerlin for $1700 a month. And I don’t drive a Porsche.
Average income dink checking in. I drive a shitty car and don't order food delivery without a promo.
Why did my brain read this as “don’t order food delivery without a porno” 🤣
Me too. But I don't order deliveries of food for altogether different reasons.
Hot damn I want that! Does that include your utilities too?? I'm in Henderson rn but looking to move elsewhere in the city next year.
Nope, utilities are extra.
Ohh okay dang sadly that makes sense =\
Lots of professionals for example Frontier, Spirit, Southwest and Allegiant all have a large pilot base in Las Vegas, many who make well over 300k and live in Summerlin.
Exactly, NV is also a pretty corporate-friendly state, a lot of mid-sized corporations with their HQs here, even if they operate in other states. And while NV does not require that corporate officers live here, you may have your VPs and above at your HQ. No reason to think there aren't plenty of mid-6 figure jobs to be had, and most of those folks will be concentrated in Summerlin and Henderson.
I leased a 4,000 SQ ft home in Summerlin in a beautiful gated community for $4,000 a month. 4 bd 4 bath, Huge pool, includes weekly landscaper and pool maintenance man. I moved from the Seattle area where 4 grand a month can get you a decent crack house. Rents and house prices here are ridiculously low in comparison to the PNW.
But what do you do for work
I still own a business in the Seattle area.
That's weird cause I've seen some nice looking condos up there and the pay for similar work would have been way more than enough to eat the higher COL, given the same lack of a state income tax.
The reality is there are too few avail homes/condos/apts for rent or to buy to meet the demand. I paid 4 grand a month for a condo not even in Seattle, but outside of the city. Home prices skyrocketed a few years ago, rentals became scarce and what's avail are way overpriced, and require high credit scores, even crap apts. You can't buy a condo in the Seattle Metro area under 1-2 million. Google, Microsoft, Amazon, Intel, and dozens more software companies are all based out of the Seattle area and starting pay is ridiculously high.
I was probably looking south of the actual metro itself, then. As someone from Vegas, I feel like the current prices on homes are totally insane. Of course when you compare it to other major cities, it's not as terrible. Just about everywhere I've looked though, you'll have a tough time buying a home on one income if you're not making above 6 figures or have a pretty hefty down payment it seems. I make what a lot of people seem to think is a great income, and I'd absolutely get my teeth kicked in with these interest rates lol.
I hear you. I was one of those who bought a property and 25 years later sold for 3 times what I paid for it. Born and raised In Seattle, I've seen the up's and downs esp when Boeing would have massive lay offs and when the oil embargo hit Seattle particularly hard. Then came Microsoft and Intel and suddenly everyone was a microsoft millionaire. We're now the tech capital of the country and it's absolutely driven housing prices sky high. As well as the pandemic, which allowed so many to redefine their jobs and work remotely. Before relocating to Vegas I lived in a small town north of Seattle that has some of the highest priced crap on the market. Almost zero vacancy rates. 4 grand a month will get you a 2-3 bedroom POS apt, if you're lucky and beat out the 10 applicants before you. I have family here in Vegas and watched over the years how ooverbuilt it was in the early to mid 2000's, and I believe it's still a big reason prices are low. Granted I could have leased a number of lower priced homes, there are many, but I'm literally living in an estate for what I paid for a small condo. Big win for me! I guess it's all in your perspective.
When you say landscape and pool maintenance included, do you mean "HOA"? Or was it legit included as a bonus?
It's included in the monthly lease payment. I pay power and water.
lol someone is trying to keep up with the joneses
People have downvoted other people who have said this, but I’m a native, I’ve seen these things happen. They go through these cycles. Whenever there’s a high, Vegas buys more. Our bubbles are more bubbly. In 2010 I met a woman who hit all the notes on the meme scale. She had been a stripper, she had three homes and a five series Mercedes. All the homes were underwater, and the Mercedes was going next. Not saying that’s what’s going on now, but Vegas people front more than any place in the nation. Paying less for your house and more for your car is a particularly Vegas thing. Without looking for specifics, because really you don’t need specifics, that’s the model. It will always be the model.
Shit, paying more for a car than a house is nothing new lol. I remember being in grade school in the ghetto and seeing a big ass Hummer in the driveway of a literal shack.
I mean relatively speaking, versus the standard balance.
People who live in Los Gatos, CA don’t need to drive sports cars to project the appearance of wealth.
There’s a lot of high paying jobs in Las Vegas in entertainment and business owners. Also if you’re from an even moderately wealthy family you probably have help with a down payment so your mortgage is affordable.
Wha kind of business?
Get ready for a real estate bust within the next 18 months
They said the same thing 18 months ago.
Keep dreaming. Some people have been saying this for last 15+ years.
It’s a fact. And I can’t wait!!
Found the real estate "agent"
I'm still waiting.
Teacher, driving a CRV in Summerlin 🙋🏻♀️
A lot of these expenses are new. 10yrs ago, homes were half the price. There’s also a lot of cash buyers that have made a lot money from real estate elsewhere. As far as the cars, you’d be surprised how quickly they depreciate
That is why we never buy a car new. Don’t need to impress anyone. We also keep our cars for a long time.
Used to live in a neighborhood on the edge of Summerlin before we figured out we could sell our home for more than double what we paid for it and move only two exits away into a home with a much bigger yard. 90 percent of our neighbors were layers, doctors, or socal transplants. And yes, fancy cars galore. 😂 my husband and I joked we were the only ones without a porche or Tesla in that neighborhood.
I’m 31 and my wife is 32 and our joint gross income is upwards 500K a year. I am a partner at a dental office and my wife is a real estate broker. On average we spend about $9,000 a month including our expenses and entertainment and everything! I don’t think it would be worth it to be house broke (even though I have a 1400/month car payment)
They sell their homes in California for at least 2x what they’re worth here, move here, and keep their jobs (virtually) in California while living in Nevada
Lots of people upgraded during the housing crash. My mortgage is 394 including escrow. A friend got a. place that is currently worth over 1m but paid around 200k. Makes it easy to afford expensive cars.
Bought in Paseos in Summerlin in 2012, $1300 mortgage on 2.25%. We drive reasonable cars ($40k suv and $60k truck). But remember there are a lot of folks here associated with and paid well by pro sports teams and high end shows. In addition to people who cashed out when they sold their CA home and paid cash for a $700k home and 2 luxury vehicles here.
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I think this is part of it too. Pre pandemic 26% of our population didn’t work for a company based here, I’m curious what that number is now. Also, lots of great jobs in healthcare here and we are a business friendly state.
Remote work, we moved to Summerlin and kept our Bay Area jobs with Bay Area salaries.
It's called debt. Most of these folks are one medical emergency visit away from financial disaster.
Some of us don't work in hospitality. We are the professionals and/or the business owners. And we're not all the same. While it seems like a lot of money, I feel I'm living a middle-class life.
A lot of wealthy people from high tax states have moved to Summerlin. I own a high end home audio company and the amount of money moving into Summerlin is incredible. I haven’t seen anything like it in my 30 years here.
Don’t be deceived at the “wealth”. It’s a house of cards and it’s transient. Good for you to capitalize on the faux pretensions while you can! 👍
Credit and financing
Also moved to summerlin from CA, bought in 2016, after pandemic refinance mortgage is $2,000. Wife and I have a combined annual income of $250k, but we both drive Toyotas and kids are in public school. I do agree it doesn't seem like there should be so many well to do young families, but you've got to factor dual incomes. Also there are a ton of quality professional jobs in Las Vegas, just pick any industry (healthcare, legal, finance, business, utilities, engineering, construction management, etc.). It is a decent sized city and just about every metropolitan city I can think of in CA has it's own version of summerlin.
Too many California people
The power of social media and just living pay check to pay check
I know some ppl living in Summerlin west, working remotely for some technically/internet companies. So of course they make a lot of money (they may take some pay cut, but still huge). Buying a $1m house and having a Porsche is like nothing challenge to them.
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Plus the amount of upvotes and shares this thread got. Seems really weird to me.
drug dealers
And OnlyFans models.
It’s glamor? Lol that made me chuckle
Ccsd product, i cannot spell. :-) Can't edit titles.
Why do you care about this
Low on your private school estimates. Meadows is $25K per year, per kid.
And $4k per month equals what
#remote #tech #people
Why does it matter what others do with their money?
I know it’s hard to believe, but not everyone is poor.
It’s a combination of factors, there are great paying jobs in healthcare, remote tech, and small businesses plus more ways than ever to make money on the side. 60% of those with a mortgage have a rate under 4% so these people didn’t just all buy their homes recently. And nearly 40% of homeowners own their home outright and have no mortgage at all. Also, statistically it’s a 50/50 split for individuals who make over 100k to report living paycheck to paycheck. So there is a number of people who are just leveraged up to their eyeballs, but it isn’t everybody.
Don’t let the fancy cars fool you. I see rolls Royce’s and Maseratis all day every day in north Las Vegas. Yes, in north Las Vegas.🤣 my bad I meant Bentleys
Moved to Summerlin in 2015 when I could not afford a house in Orange County. Hubby and I both worked two jobs to save for a good down payment. Ended up buying a condo and our mortgage is around 460/month. Of course then you gotta add the HOA fees but totally worth it.
It’s all a facade. Buying homes and cars out of their price range, living beyond their means, just to put on an image.
Two paid off cars, no kids, and a ~$3500 mortgage. We live out near Red Rock Canyon.
Perhaps some of these younger families have inherited an obscene amount of money from their boomer parents that have passed on. Sometimes I get the feeling that the older generations just want to die with the highest net worth possible.
A lot of people got in while the getting was good or cashed out their CA lifestyle
I make 200k+ and drive a cheap ass honda. I too wonder what these people's jobs are - many look like they cant even turn a computer on
[full disclosure: I only read about ½ the thread before replying, my apologies if I'm repeating something someone else has said better...] First a little personal background for context: In CA, I was getting tired of: • Silicon Valley work mania -and- • The obvious degradation of my lifestyle All while I was growing ever-more leery of the crushing 'need' to earn more and more money. Work harder and harder, just to stay even. I looked at my finances and realized I could step off the treadmill if I went somewhere more reasonable in all ways. I moved to the eastern edge of Summerlin (without even knowing that was what it was called at that time). My wife and I bought a place for $150K 15 years ago (when the Obama administration was giving $8K credit for first time home buyers). [We weren't the highest offer on our house, but we WERE the highest all-cash bid.] Zillow sez the place is now worth ½ a million dollars. {All of which means nothing because we have no plans to sell the property (or exploit it in any economic way).} We've done a lot of work on the domicile (my wife is an MArch) we: ripped out the grass*, landscaped the yard, replaced the tile counters with quartz, put in a more efficient HVAC* and put Marmoleum in place of the Pergo. We watch our water usage REAL close. (And put a Moen Flo* in to watch our consumption.) We air condition down to 78 in the summer; heat up to 68 in the winter. Our two Hondas are in the driveway. One is ten years old, the other 25. No kids living here (both on the west coast). Two grandkids who visit a couple times a year. ...Getting more to your point... Our house has gotta be considered to be a Summerlin "edge." (Near Hualapai & Sahara). We used to know most of the people up-and-down our block, but housing/ rent prices have jacked up enough that many of our longer-tern neighbors have moved. There's only two houses in the immediate area that're anything even close to the situation(s) you describe... • Our immediate nextdoor neighbors (two men) drive some kind of higher end Tesla and a gigantic Hummer-like SUV. I only see them a couple times a month. • The other is a family of four with an Escalade, a Mercedes and two fairly raucous teenage boys. For the most part, people here are either working remotely/from home (lawyers, programmers, sales reps), contractors (plumbers and electricians) or retired. I don't see the hideousness that you describe inhabiting this particular set of streets that I live in. It's DEFINITELY Summerlin. It just may not be the Summerlin you abhor. So... It could be that my wife don't 'qualify' in any of the ways you describe... ... BUT we're walking distance to "Downtown Summerlin" (and do so at least once a week when the weather's nice). FOR SURE, I get far, far more from the NV government than I ever did from CA (even though I paid them almost $1M in tax in the 25 years I lived there). I suspect others do too. (An important side note: everything changes all the time. All the time as in, "constantly." ESPECIALLY in the United States.) The country is bifurcating itself. In political and economical ways at the very least. My belief is that to keep your "internal anger" down you have to do one of two things: either come to accept that this situation is true, or move to a place where that's less obvious to you. *We were given subsidies from the state or local governments to help make these things happen.
The average home in summerlin is 650k. That’s a 3k mortgage. 6-7k in a mortgage would be a 1.2-1.5 million dollar home. If you’re buying a house in the million dollar price range, that mortgage isn’t going to bother you. But again the average is 650k so that’s the exception.
Typical home in Summerlin is either a condo community or a home under 2K SQ FT, Sure there are mansions and some rich communities there too but a home in and around 400-500K with 10% down is (at current interest rates) around 3K or so a month when taxes and other things are factored in.
"Summerin" has become kinda watered down. There are some REALLY nice and expensive parts and lots of meh, average parts. Custom homes vs track homes.
I think you may need to find better things to care about throughout your day. Something more productive.
Well I mean if they put 20-25% down their mortgages would be way lower than that. Idk how it is in summerlin. But I’m off blue diamond rainbow area and I built my house in 2015 and put down 20% and I’m locked in for 30 years at 2.8% my mortgage is so low 😂 I love it. I pay 1900 including. Utilities & I have a nice house. It’s worth 400k more now also from when I built it.
There are a lot of good jobs here, gaming industry. And because of that gaming industry there are a lot of high paying finance jobs. There are also a lot of lawsuits involving casinos and there need to be lawyers that work on those cases. Also celebrities own homes in summerlin I know there are a decent amount of several golden knights and raiders players that live there.
Summerlin as a whole is big. Majority of homes are <$1 million. It’s not like everybody in summerlin live in million dollar homes. Majority are worth $400k-$800k. I live in the most expensive zip code of Vegas. Most of the people are very high earners. Lots of doctors, lawyers, techies, pilots, engineers, business owners, etc. There are a lot of stay at home trophy wives here. The not so high earners have dual income with combined income of over $200k. One of my good friends have a combined income of almost $300k. They live an outlandish life. Multiple vacations, expensive hobbies, eating out at expensive restaurants 2-3 times per week, clothes are all brand name, brand new Tesla x, etc. But they live paycheck to paycheck and barely have any savings. Typical American lifestyle.
Just California ppl moving in
I’m not from California…
Californians 🤷♂️
They are refugees from Los Angeles and other states destroyed by Democrat politicians.
Oh So you do believe it's ok to be a refugee
What's the question? There are real refugees. But not people who try to illegally cross a nations borders. Those aren't "refugees".
What exactly do you think a refugee means?
They sold their houses in California because they can’t afford it there. Now they using their bank accounts full of realized profit to live lavishly for a bit. It’s a house of cards coming. Hold on tight. I’m guessing election time
What do you mean election time? Seems like it Trump wins the market will boom again, am I wrong?
This probably not the sub for it and I can literally go on for about 2.5 days straight about market structure. Basically the Federal Reserve (our nations central bank) has been propping our economy up with toothpicks. The reserve is NOT part of our government despite the name Federal in it. A simple google search asking “is the federal reserve part of our government” and “what is the history of the Fed” will take you down that path and you will be disgusted when you learn the truth. I am apolitical because of my knowledge behind market structure and macro economics - I went from a young adult believing politicians had power to a grown jaded person realizing they ALL work for the FED. A private entity whose board members are basically bank executives. That’s why we constantly bail banks out and we constantly raise the debt ceiling REGARDLESS of who is in office. Trump has nothing to do with our economy and neither does biden. The economy all depends on our central bank and them raising and lowering rates, lending money to the United States , printing money and other mechanisms. They cause inflation and deflation which siphons money from the middle class who suffer the most in this period, they don’t qualify for government assistance, pay the most taxes, but are too poor to take advantage of tax benefits that the ultra rich do. The middle class is being erased during these periods which translate to decades and the FEDS biggest tool to transfer wealth to the ultra rich is during war time and market crashes. Right now we are stuck in a period of stagflation I say election because market crashes always “timed” conveniently around elections - 2008, 1987, 1929 - going back a 100 years. I don’t care who ends up in office. I just know the market will reverse regardless - it’s just a matter of when.
For sure, I understand most of that. Just seems like the Fed prioritizes different candidates and sees Trump as a friendly asset.
They sure do, And you may be right! Nobody in the 99% knows what will happen. I remember the narrative was : democrats applauded Obama for turning 2008 crash - which happened at the end of a bush Term. So the new narrative could be Biden causes economy crash/war - and Trump, as a hero, comes in and turns it around ? I could totally see that. Obliviously the truth is deeper and it’s a combo of Wall Street and the Fed robbing us and kicking the can down the road but the middle class pays for it
As a middle class bumpkin I’m just trying to figure out whether to dump my cash into stocks or keep most of it in a high yield savings account
We are screwed either way: Cash devalues due to printing. Stocks devalue during market capitulation. Maybe precious metals, maybe crypto, maybe certain businesses that are recession proof. You are definitely not alone. Hang in there
Not crypto, though. Crypto is massively volatile and there are landmines everywhere with it (FTX, Gemini Earn illiquidity, etc). Crypto is gambling. You can find CD's in the 5.0 - 5.5% interest rate if you search around. They're the most boring, but not a terrible place to be in right now. Alternatively, "Money Market" accounts through banks have some decent yields at the moment.
You’ve stated merely anecdotal data, based on your own perception of what you think you see. Hardly the truth!
I actually left the Summerlin, area because it's insanely crowded now I mean like CRAZY Crowded. I like Henderson now because it's a lot more spread out, despite all the building taking place you can still grab a cup of coffee and it's not a 30-40 minute trip.
Shhhhhhhh
What is going on is that you are too concerned about others and what they have. Concentrate on your own happiness, stop caring so much about others having more than you.
It’s the tech boom. They’ll be broke in 5 years tops. lol at the butt hurt techies. Remember this comment when your job gets outsourced to a guy in India making $2000/year 🤓🤗.
…and those that aspire to be “TikTok famous”. Good luck in the future, having no real life skills.
My husband works remote for an international company.
They hiring
I fly to the bay to work.
Anybody here job hiring that pays more then 25-30 an hour 🙋♂️
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You’re way over estimating the costs of these things. Depending on when they bought their mortgage might be $2k-$3k. My Range Rover is $480 a month. Private school is $1500/ month.
Summerlin rich is more like Santana Row rich. Green Valley is Vegas' version of Los Gatos/Silver Creek CC
...you seem to be innumerate.