What Does a Million Dollars Buy?
People often think that having a million dollars would make all their dreams come true. There are TV game shows that give contestants the chance to become millionaires. Many people on these shows probably believe that with this money, they could do anything or go anywhere. In reality, ‘a million’ may not really be that much money. When asked the question “What would you do with a million dollars?” most people tend to give similar answers: “Quit my job,” “Buy my dream house,” or “Go traveling.” Twenty years ago, it was possible to realize these dreams. However, things are not so easy today.
In many developed countries, the cost of living is higher than ever. One of the main reasons for this is demand. Over the last twenty years, for example, housing prices in many of the world’s cities have soared. The main reason is that there are more people living in certain areas, but there is less housing available there for sale or rent. For example, in the U.S., luxury homes in the state of Arizona sold for about $800000 in 1995. These same homes now cost more than $1.5 million. Now, because more people live in the area, the cost of property has risen.
Apartments in many city centers are also more expensive now than in the past. In the recent past, people often moved from a city center to other city neighborhoods or the suburbs in order to escape overcrowding and noise. Today, people want to be closer to their workplace, and many are now moving back into the city center. As a result, living in or near this area costs more than ever. Apartments in London’s Mayfair district or in Manhattan in New York City often sell for over a million dollars. Many of these modern apartment complexes have indoor swimming pools or movie theaters that allow people to relax or exercise without leaving their building.
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