The cost of housing has such a big impact on what this means to any specific person/family. I'm 42 and a bit of a late bloomer financially and to home-ownership. Very high cost of living area (Seattle). I'm in the top 9% net worth for my age group, but in terms of my comfort level and retirement prospects, I'm probably not that far above average compared to a reasonably comfortable person in LCOL. I owe over 1 million dollars on my house for example, and have many years of working ahead of me before I can comfortably retire unless I move somewhere much cheaper. I do not live an extravagant lifestyle at all either, I just have literally a decent house 15% above the median home price in my area.
The cost of housing has such a big impact on what this means to any specific person/family. I'm 42 and a bit of a late bloomer financially and to home-ownership. Very high cost of living area (Seattle). I'm in the top 9% net worth for my age group, but in terms of my comfort level and retirement prospects, I'm probably not that far above average compared to a reasonably comfortable person in LCOL. I owe over 1 million dollars on my house for example, and have many years of working ahead of me before I can comfortably retire unless I move somewhere much cheaper. I do not live an extravagant lifestyle at all either, I just have literally a decent house 15% above the median home price in my area.