Originally Posted by Restless28
and large homes that are easily 5 to 10 times their gross income.
This isnt exactly a poor decision.
1) They get a tax break and lower their income tax bracket based upon mortgage interest and property tax paid.
2) The house, including the financed part, is appreciating. As long as the appreciation is equal to or higher than than the finance interest rate, one is making money on the house. Debt that you make money on is good debt. In the financial world this is called "leveraging"
If you combine number 1 and 2, it is actually not a decision to have a valuable piece of property.