How Are Californians Affording $1.5 Million Homes?

A normal-looking three-bedroom house in California can cost $1.5 million. Who can afford that price, and how are ordinary families still living in these expensive neighborhoods? Frank the American explains the actual cost of a $1.5 million home, how down payments and mortgage rates affect affordability, why longtime owners pay different costs than new buyers, and how home equity, household income, and family assistance can change the math. We'll explore a fictional couple buying at today's price, a longtime homeowner who purchased years ago, property tax rules, insurance costs, and the difference between owning a valuable house and being able to buy one right now. All financial scenarios are illustrative examples, not personalized financial advice. #CaliforniaHousing #RealEstate #PersonalFinance