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If you own an asset worth millions, you're rich regardless of your income.

If a Honda civic is worth a million dollars, are you rich? Or has inflation simply eroded your buying power?

That's true, but the average house is nowhere near millions.

It's not even anywhere near a million.

I guess I'm thinking from an Australian perspective. I did notice houses were significantly cheaper in America.

I should have just said if you own a house anywhere near a metropolitan area.