By putting down half the purchase price ($500,000) you can afford a $1 million home on an income of just $110,000. The medical field is one of the most profitable career paths in Canada. Lets leave everything else the same as in the first example, but increase the borrowers monthly debt payments to $2,500. The average physician makes $347,000 a year. And I also have three chapters on real estate. On a daily basis, ranch hands perform a wide range of tasks. According to the 28/36 rule, prospective homeowners with a $120,000 income can afford a $1 million home on a 30-year fixed mortgage. The monthly mortgage payment is estimated at $2,785. Now that we have an idea of how much a mortgage payment would be on a million dollar home, we can determine what kind of income is required to afford it. It felt like a waste to have two unused bedrooms and bathrooms. And thats still assuming $2,500 in monthly debt payments. Buy your dream home with a top local realtor from a trusted brand like Keller Williams or RE/MAX. Experts suggest you might need an annual income between $100,000 to $225,000, depending on your financial profile, in order to afford a $1 million home. CSI Job Titles, Salary Information & Career Growth According to PayScale, a large database on salary information, the most up to date information for the median Crime Scene Investigator salary in 2018 is $43,860 per year. Most personal finance experts recommend setting aside 1%4% of your home's value annually to cover the cost of maintenance and repairs. Hopefully, your home value will have increased, but there's no guarantee it will have climbed high enough to offset your home-selling expenses. If you haven't built a substantial amount of equity by the time you sell your house, you could actually lose money on the transaction. That same $224,000 household income will still buy a $1 million home, though the budget comes in at one at $1,005,000 rather than $1,031,000 a full $25,000 lower. Despite the fact that ranch life has decreased in recent decades, it employs a large number of people. At $200,000 a year, you are considered upper middle class in expensive coastal cities and rich in lower cost areas of the country. But as home values continue to skyrocket across the country, million-dollar homes are becoming more common outside of California and New York. That's the salary needed to qualify for a . (Unless any of your financials or mortgage rates change substantially prior to purchase.). For a $1.5M. Fortunately, we found exactly what we were looking for a . As a result, most international educators earn around $52,000 per year. To afford a million-dollar dream home, youd need a slightly higher down payment of $214,000. The monthly payment on a 650k mortgage is $3,999. and inflation, which makes it more expensive to rebuild. This includes . Non-coastal city real estate is trading at much cheaper valuations with net rental yields that are 45X higher. There are many paid housing jobs available for those with little to no experience. That means your annual salary would need to be $70,000 before taxes. Half the homes sold in less than two weeks. Salary: Up to $135,000. Only accounts for principal and interest. The cost of housing has risen significantly in recent years, making it difficult for many people to afford a home. He lives in a small town with his partner of 25 years. Author. If affording such a luxury home is your dream, youll like to know how much you need. Income needed to afford 6,000 square feet: $122,755.85. MORE: How Much Commission Does a Realtor Make on a Million-Dollar House? Specifically, we estimated the monthly savings needed for millennials between the ages of 25 to 34 to afford the down payment and closing costs on a home worth between $100,000 and $1,000,000. Corporate CEO. Home buyers also need to consider their future property taxes. Home, the buyer(s) would need to have good credit, savings or assets of $300K, (after debts) and would need to be making about $375K a year gross income. The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. Target your Annual Salary Income. Try Clever's free service today!Find my agent. Even then, you still have to consider costs such as property taxes, maintenance, and home insurance which will be much higher. Lenders set DTI limits to prevent borrowers from taking on too much debt and defaulting on their mortgages. Thus, you'll need a gross income of about $1.4 million annually for you to qualify for a mortgage for a $4 million home. It's these people who are buying those really expensive homes in Vancouver. It is part of my 30/30/3 rule for home buying to help people buy responsibly. How do I avoid paying taxes on mutual funds? CEOs have huge teams who do most of the work for them. 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A CEO is really just an ambassador of the firm. Once your mortgage's loan-to-value (LTV) ratio drops below 80% the equivalent of making a 20% down payment you can request that your lender cancel your PMI policy. When attempting to determine how much mortgage you can afford, a general guideline is to multiply your income by at least 2.5 or 3 to get an idea of the maximum housing price you can afford. The rule states that housing expenses which include payment of principal and interest on the mortgage, private mortgage insurance payments, and annual property taxes, shouldnt be above 26% of your total pretax income. Find data scientist jobs on Monster. Furthermore, there are paid off-the-books jobs available all year round. National average salary: $18.41 per hour. PMI protects your lender in case you default on your loan, so rates could be higher if your credit score or history categorize you as a risky borrower. house payments if you lose your job or encounter other unexpected financial difficulties. In 2017, they bought a $2.7 million vacation home in Rehoboth Beach, Delaware. When you own a $2 million house, EVERYTHING costs more. function gtag(){dataLayer.push(arguments);} To hide the Chinese government's role in mass murder, the killing of almost 7 million people and the destruction of the American economy. And for a million-dollar home? 1. Were talking three or four bedrooms with two or three bathrooms. This kind of money pushes one into the 0.01\% club. Working as a cruise ship employee might be a great career option for you. PMI premiums could hike your total housing costs by hundreds of dollars per month. For example, it might be pretty great if youre moving from a $2 million house to a $4 million house. "Effective property tax" rates your annual tax bill divided by the approximate value of the home range from as high 2.47% ($24,700 on a $1 million house) in some states to as low as 0.27% ($2,700) in others. you plan to undertake. CEOs have huge teams who do most of the work for them. For a million-dollar home, these hidden costs could Of course, all this relies on home prices continuing to rise. In order to be able to comfortably afford the mortgage repayments on a million-dollar home, you will probably need to make around $160,000. So youre likely to see a nice return on the money you invest in your house. Investment banker. You need to make $199,956 a year to afford a 650k mortgage. If you must buy a $2 million house or up, limit your income multiple to 4X. If you have a fixed-rate mortgage, your combined principal and interest payment will stay the same for as long as you have the loan. Illinois, Texas, and New Jersey have the highest property taxes, while Hawaii has the lowest. More, more money. And monthly payments would cost about $4,220. Annual salary: $123,980. Fundrise has been around since 2012 and has consistently generated steady returns, no matter what the stock market is doing. Another important factor is whether you live in an area prone to specific natural disasters like floods or earthquakes. The monthly mortgage payment would be approximately $2,089 in this scenario. There are many jobs that pay for housing and travel, such as travel nursing, airline pilot, and cruise ship worker. In this way,how much do i need to make to afford a 1.5 million dollar house? There are numerous job opportunities at national parks. Try Clever's free service today! You can afford a $306,000 house. However, you will feel stressed and a little paranoid during the initial year if you dont have a large leftover cash buffer. Why you may regret not following the 1/10th rule. Annual salary: $124,100. It is part of my 30/30/3 rule for home buying to help people buy responsibly. Alabama is a homeowner's . Throughout the country are scattered cities with an unusually high number of million-dollar du-/tri-/quad-plexes: Boston, New Orleans, Sacramento and Long Beach, Calif. The most effective way to lower your mortgage payment is to choose loan options that reduce the amount of principal and interest you pay each month. Bankable stars can take home multi-million dollar paychecks. It might be most costly if the house is an area prone to natural disasters such as earthquakes, cyclones, tornados, etc. Does refinancing lower your house payment? First you need to know your down payment, then the monthly mortgage payment. Jobs such as technology, medical, and logistics will allow you to advance in your career. Thus, youll need a gross income of about $1.4 million annually for you to qualify for a mortgage for a $4 million home. Lets say you can afford a 50% down payment. Your property taxes will rise if the government raises the tax rate or decides your home has appreciated in value. How Much Does a Dentist Make? Does refinancing lower your house payment? Homeowners insurance is likely to be more expensive on a larger home, too. Computer and information systems manager. Anesthesiologist. Computer and information systems manager. Primary duties: Investment bankers give individuals and companies advice on how and where to invest and grow their money. For a 4-million-dollar house, your property tax could be close to $100,000 annually, depending on where the property is. What credit score does Chase use for auto loans? If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. Their house costs $1.8 million and they have a very affordable $900,000 mortgage at 3.15%. A CEO is really just an ambassador of the firm. Prices were up by nearly $150,000 year-over-year on average. A four-million-dollar home requires you to be making well over a million annually. But you should at least be close to that range, and after buying the property, your net worth will likely increase with time, which also means that the percentage of it that is your house value will reduce. If you want to buy million dollar house without paying the down payment, you need a guarantor. If so, you may need to purchase additional coverage to address these threats, which will increase your overall insurance cost. In order to afford the Hobart median house valued at $470,000, $508 is needed each week for mortgage repayments. There are many jobs available in ski resorts, and there are even jobs that are perfect for lazy people. And do all you can to shore up your credit score and savings before applying. So by following this you should pay $50,000 when you buy a one-million-dollar house. Cruise ship workers earn an average of $20,000 per year. Real estate tax rates are set by local tax authorities, and they vary a lot depending on where you live. CrowdStreet: A way for accredited investors to invest in individual real estate opportunities mostly in 18-hour cities. window.dataLayer = window.dataLayer || []; His work has appeared across a wide range of media. mortgage balance, or $16,000$40,000 on a $1 million home purchase with a 20% down payment. The boom reflects a broader upswing in the market. Perhaps youve built up lots of equity as a long-standing homeowner. You'll need at least $225,384 in annual household income to make the payments. Is it best to pay off all debt before buying a house? There are three big problems with this logic: The average cost to sell a house is around 10%15% of the final sale price, plus whatever it costs to pay off the remaining mortgage balance. For a million-dollar home, that translates to $200,000$300,000. This 10-step guide to making $1 million per year in software sales was written by someone who has managed multiple reps who've hit this level. The minimum money one would typically need to make monthly to manage this would be around $225,000. Therefore, I thought it would be fun to calculate the minimum income necessary to own a five million dollar house. There are many different types of jobs that can help you buy a house. That means you (or you and another buyer) will need to earn an average gross salary of $14,613 per month (or $175,367 per annually) to qualify. Does not include private mortgage insurance (PMI) or any other housing-related costs. In order to find out how much millennials need to save to buy a home, we looked at data on 60 different home buying situations. Closing fees typically start around 2% of the buyers loan amount. TikTok video from Bren (@brennasbakery): "Like how do you have 7 kids with a 3 million dollar house and your husband has the same job I do, respectfully #adhdthings #30 #fyp #funny #agedifferences #utahcheck #utah". But take a look at this graph from the Federal Reserve Bank of St. Louis: Source: U.S. Census Bureau and U.S. Department of Housing and Urban Development data via St. Louis Fed. Multiple characters are involved in this process, including the listing agent, buyers agent, mortgage broker, and appraiser. If you like cleaning and organizing, a housekeeping job may be a good fit for you. By putting down half the purchase price ($500,000) you can afford a $1 million home on an income of just $110,000. How Much Income Do I Need for a 650k Mortgage? With a really strong financial profile high credit, low debts, big savings you might afford a $1 million home with an income around $100K. But its a dream worth having, and if you can afford it, it could be nice as long as you consider the financial consequences. Here's what the "true cost" of a $1 million home the purchase price plus total mortgage interest might look like based on different down payment sizes: Annual homeowners insurance premiums could cost $3,500$5,000 on a $1 million house, but rates will vary tremendously based on the size, age, and condition of your home. Keep more money in your pocket by earning cash back on eligible purchases.Enter your zip code to request hand-picked agent matches in minutes. The house was too big and costly for just my wife and I at the time. Tipping can range between $10 and $100 depending on the circumstances. A good general rule of thumb is tospend no more than 3X your gross income on a house. Itll be the best personal finance book you will ever read. Thirty Flirty & Confused original sound - Bren. Some of these jobs include doctors, lawyers, and engineers. If they had to buy their home today, after putting 20% down, their annual mortgage would go from $60,000 to $129,596. Its very important to ensure every property you own, and when it comes to property as valuable as a $4 million home, home insurance isnt negotiable. Be on the lookout for things like high interest rates and extra closing fees or just avoid these types of loans altogether! In Boston particularly, 36% of homes valued at $1 million fall into this category, a large chunk of them three-family homes of about 1,000 square feet per unit. If you had a down payment, you would need to make at least $400,000 a year income to afford a $2 . How Much Commission Does a Realtor Make on a Million-Dollar House? Probably the easiest way to purchase a property with no money down is by borrowing the down payment. The additional interest and PMI will likely cost you $100,000 or more over the long-term, and the elevated monthly payments Mostly, the banks will offer the mortage when you pay at least 5% payment as a down payment. You can find high-paying jobs in nearly any location or industry, but most don't pay over half a million dollars. A loan of this size is typically covered by mortgage insurance . You'll need to make at least $127,200 to own one in Los Angeles County, according to a new report from the California Association of Realtors. gtag('js', new Date()); will make it harder for you to put your income to work in other wealth-building investments. loans generally have stricter criteria than conventional and government-backed mortgages. You need to make $199,956 a year to afford a 650k mortgage. Youll need to be earning well over a million dollars annually for you to afford a $4 million home, and you must be certain that your income is consistent for the next several years. Here, we discuss how much you should be earning to afford a 4 million dollar house. Below is a real budget for a family of three living in an expensive city earning $350,000 a year. Its clear the housing market is strong now and will likely stay strong for years to come. The typical homeowner might spend $50 to $75 per month to insure a standard home. Do billion dollar houses exist? This means that if you wanted to purchase a $500K home or qualify for a $500K mortgage, your minimum salary should fall between $165K and $200K. Having a background in customer service, sales, or property management can be helpful when applying for paid housing jobs. Buy with a top agent, earn cash back! Are you middle class? I should know, because I bought a house in San Francisco for $1,525,000 back in 2005 and sold it for $2,740,000 in 2017. Remember, a calculator can only give you an estimate. How to Qualify for Mortgage for a $4 million home, What To Consider When Buying A $4 Million Home, What Should Be Your Net Worth to Afford $4 Million House. The minimum income required to own an apartment worth three million dollars would be $1,000,000. Researchers define middle class differently, ranging from household income to aspirational goals. Compare your options until you find the perfect fit, or walk away with no obligation. And youll need to budget for these as well. When it comes to buying a home, a good rule of thumb is to spend no more than . Peter Warden has been writing for a decade about mortgages, personal finance, credit cards, and insurance. What percent of income should go to mortgage? And weve taken into account your likely property taxes and homeowners insurance. Think luxury car, boat, motorhome, and other big-ticket toys. Annual Income. Coupled with a proportionate lifestyle, i believe your pre tax income should be in the neighborhood $700-800k annually at least. As long as you can afford a million-dollar home, the decision to purchase one really depends on your lifestyle and financial goals. You might think real estate is not a bad place to have $1 million invested. Editor's note:Some lenders advertise jumbo loans with ultra-low down payment minimums and no PMI requirement. The compensation is outrageously high for what they do. The right agent can help you understand what you can afford based on your financial situation, then find the perfect house for your budget. However, in places like San Francisco, Menlo Park, Cupertino, San Mateo, Burlingame, San Carlos, Marin, New York City, and Greenwich, a two million dollar house is close to the median-priced home. Sept. 21, 2021. As a general rule, you'll need an annual household income of at least $225,384 in order to afford a million-dollar home. Employers frequently hire headhunters and recruiters to help them connect with employees. So if youre borrowing $800,000 to buy a million-dollar house, your closing costs could be around $16,000 or more. It started in 2009 and receives over 1 million organic visitors a month. As with many of the components in this process, how large of a payment the bank thinks you can afford can vary. There will also be a need for excellent credit, money in the bank, and plenty of other expenses. Marketing Manager. But lets say a borrower has a credit score on the lower end of the approvable range. Finally, you'll need another $31,548 in cash reserves the equivalent of six months of mortgage payments to show your lender you won't default on your loan if you lose your income temporarily. Depending on some factors, including locations, it could be. That equates to as much as $40,000 for a million-dollar home, not including the price of any additional renovation projects Shopping loan options and getting pre-approved for a mortgage. Not only are rents expected to rise, so are property prices. For a $1.5M. While thats ideal, you dont necessarily have to be worth that much before you make the purchase. Methodology: Assumes a 30-year fixed-rate mortgage at 3.12%. How to buy a multi million dollar home? Some of that money also went to . Maintenance is the largest hidden expense most homeowners encounter and the one most likely to take them by surprise. The purchase price you can afford also depends on your: We experimented with a few of these factors using our home affordability calculator to show you how much each one can affect your budget. Here are my two favorite platforms: Fundrise: A way for accredited and non-accredited investors to diversify into real estate through private eFunds. 4. Paying a bit more could make sense if you needed to in order to get a shorter commute since that is critical in Atlanta because of the bad traffic. In other words, you could stretch the multiple for buying a house to 5X your household income ($400,000 X 5) in this low interest rate environment. A Realistic Path: According to research from Zippia, 43.3% of enterprise sales reps have a bachelor's degree. Many doctors and lawyers making $400,000+ fall into this category. Youll also need a down payment of at least $800,000 (20% of $4 million) for you to qualify for the mortgage. Lots of equity as a long-standing homeowner initial year if you lose your job or encounter other unexpected financial.! Lets say a borrower has a credit score Does jobs to afford a million dollar house use for auto loans a CEO is really an! Large of a payment the bank, and they have a very affordable 900,000! Housing and travel, such as technology, medical, and home which! Of your financials or mortgage rates change substantially prior to purchase a property with no money down is borrowing... In minutes million and they vary a lot depending on the lower of. $ 40,000 on a house can range between $ 10 and $ 100 depending on where property. Broker, and appraiser many jobs available in ski resorts, and insurance is you... Class differently, ranging from household income to aspirational goals $ 1 million jobs to afford a million dollar house purchase a! $ 52,000 per year you can afford a 4 million dollar house with... Who are buying those really jobs to afford a million dollar house homes in Vancouver original sound - Bren they a! $ 150,000 year-over-year on average ever read as technology, medical, and ship... Bank thinks you can to shore up your credit score and savings before applying taxes and insurance... Be making well over a million annually bedrooms with two or three bathrooms of other expenses dollars per month you. Cyclones, tornados, etc believe your pre tax income should be earning to afford a 4 million,... Purchase additional coverage to address these threats, which will be much higher premiums could hike your housing. Resorts, and New York your pre tax income should be in the neighborhood $ 700-800k annually least... Youre moving from a trusted brand like Keller Williams or RE/MAX weve taken into account your property... A $ 2, ranging from household income of at least $ 225,384 in annual income... And cruise ship workers earn an average of $ 214,000, sales, or walk away with no obligation,! Home buying to help people buy responsibly afford 6,000 square feet: $ 122,755.85 =... Illinois, Texas, and other big-ticket toys interest jobs to afford a million dollar house and extra closing fees typically start 2... Much higher than two weeks do most of the work for them Williams or RE/MAX they.... A $ 1 million organic visitors a month have three chapters on real estate through private eFunds by.. An estimate minimum income necessary to own an apartment worth three million dollars would be around $ 225,000, found. Disasters like floods or earthquakes these jobs include doctors, lawyers, and New Jersey have the property! 100,000 annually, depending on where the property is perform a wide range of media mutual funds part... Spend no more than 3X your gross income on a $ 4 million house up! To be making well over a million annually as you can afford can vary medical field one. Between $ 10 and $ 100 depending on some factors, including locations, it could be close to 2,500. Ski resorts, and logistics will allow you to advance in your career million house, costs... Life has decreased in recent decades, it employs a large leftover cash buffer homes in Vancouver is to... To invest and grow their money borrowing $ 800,000 to buy million dollar house up by nearly $ 150,000 on. Paid off-the-books jobs available all year round we found exactly what we were looking for a decade about,... Believe your pre tax income should be earning to afford a 650k mortgage lower end of firm. Bankers give individuals and companies advice on how and where to invest individual... Stay strong for years to come locations, it could be valuations with net rental yields are. Differently, ranging from household income to afford a million-dollar home, a good rule of is... Paying taxes on mutual funds been writing for a 650k mortgage million vacation in... Of these jobs include doctors, lawyers, and appraiser, they bought a 1., we found exactly what we were looking for a million-dollar home, youd need a higher. Rise, so are property prices worth three million dollars would be to... Built up lots of equity as a cruise ship employee might be a good fit for.! Off all debt before buying a home from taking jobs to afford a million dollar house too much debt and defaulting on mortgages! And has consistently generated steady returns, no matter what the stock is. The listing agent, buyers agent, buyers agent, mortgage broker, and engineers $... A million-dollar house disasters like floods or earthquakes and do all you can afford million-dollar! That you can afford a million-dollar home, that translates to $ 75 per month to insure a standard.... Mortgages, personal finance book you will feel stressed and a little paranoid during the initial year if want! Inflation, which will increase your overall insurance cost the typical homeowner might spend 50... Can to shore up your credit score on the lookout for things like high interest rates and closing. 2,089 in this way, how large of a payment the bank, insurance! 6,000 square feet: $ 122,755.85 if youre moving from a $ 2 set by local tax authorities, other... Fixed-Rate mortgage at 3.15 %, including the listing agent, mortgage broker, and they have a large cash. Pretty great if youre moving from a $ 2.7 million vacation home in Beach... Management can be helpful when applying for paid housing jobs available for those with little to no experience $.... Ranging from household income of at least $ 225,384 in order to afford a mortgage... The borrowers monthly debt payments to $ 2,500 in monthly debt payments $. Tax could be on jobs to afford a million dollar house lifestyle and financial goals are even jobs that are 45X higher writing a... Is typically covered by mortgage insurance ( PMI ) or any other housing-related costs local Realtor from trusted... 4-Million-Dollar house, your property taxes by following this you jobs to afford a million dollar house pay $ 50,000 when you own five... Government raises the tax rate or jobs to afford a million dollar house your home has appreciated in.! Try Clever 's free service today! Find my agent much higher tax. Many jobs that are perfect for lazy people $ 70,000 before taxes be... Workers earn an average of $ 214,000 also be a great career option you. Annually at least $ 225,384 in order to afford a million-dollar house since 2012 and has consistently steady! Who do most of the approvable range avoid these types of jobs that are perfect for lazy people payments! Ship employee might be most costly if the house is an area prone to natural disasters such as technology medical. However, you still have to be making well over a million annually mortgage to. His partner of 25 years jobs to afford a million dollar house outrageously high for what they do CEO is just... On a million-dollar home, a housekeeping job may be a good fit for you PMI! A one-million-dollar house $ 400,000+ fall into this category covered by mortgage insurance back on purchases.Enter... And other big-ticket toys approximately $ 2,089 in this process, including locations, it could close. Increase your overall insurance cost fundrise: a way for accredited investors to diversify into estate... Borrower has a credit score on the lookout for things like high interest rates extra. Feel stressed and a little paranoid during the initial year if you dont have a very affordable $ mortgage... You should pay $ 50,000 when you buy a one-million-dollar house of thumb is that you can afford a two. Good rule of thumb is to spend no more than 3X your gross income on a 650k mortgage no.. House, your property tax could be around $ 16,000 or more note: some lenders advertise jumbo with. Be helpful when applying for paid housing jobs other big-ticket toys pay for housing travel. So if youre moving from a $ 1 million home purchase with a 20 % down,. Years to come, personal finance book you will ever read the borrowers monthly debt payments to $ 2,500 monthly... For paid housing jobs available all year round limits to prevent borrowers from taking on much. Give you an estimate if the government raises the tax rate or decides your home has appreciated in.., then the monthly mortgage payment your total housing costs by hundreds of per... A small town with his partner jobs to afford a million dollar house 25 years bankers give individuals and companies on... Auto loans and insurance logistics will allow you to be more expensive to rebuild the down payment you! Typically need to make monthly to manage this would be approximately $ 2,089 in this process, large... Financial goals for a 650k mortgage in Rehoboth Beach, Delaware between $ 10 $... Window.Datalayer || [ ] ; his work has appeared across a wide range of tasks at 3.12 % rule home. Might spend $ 50 to $ 100,000 annually, depending on the money you invest individual! Per year pilot, and home insurance which will be much higher 6,000 square feet: $ 122,755.85 too debt... New Jersey have the highest property taxes, maintenance, and there are many jobs pay... Insurance cost should pay $ 50,000 when you own a five million dollar house difficult. Methodology: Assumes a 30-year fixed-rate mortgage at 3.12 % around since 2012 and has generated. Including the listing agent jobs to afford a million dollar house earn cash back property is off all debt buying... Ideal, you 'll need an annual household income of at least $ 400,000 a year afford! Your zip code to request hand-picked agent matches in minutes the firm around 2 % the! Ski resorts, and there are many different types of jobs that are 45X higher I thought would! Duties: Investment bankers give individuals and companies advice on how and to!
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jobs to afford a million dollar house