Scary, but not surprising. I know a few people at my job who have maintained two residences. In order to move up in my company it is mandatory to spend time in City X, but all these people want to live and raise their families in City Y, so they suck it up for a few years to a decade in order to move up the ladder. Usual excuse is not wanting to uproot the kids from school. My parents moved frequently when I was a kid, for no real reason than they wanted a nicer house/better neighborhood, and my schooling/friends were never even a factor. As a result, I became really good at making new friends.
My new neighbor just put up a for sale sign. We live on the outskirts of the suburbs, so while property values here are rising, they are not escalating by leaps and bounds. They have lived in their current home for about 7 years, it's a 4,000 sq ft 6 BR house. They have at least four kids living at home still, with one out of the house but not in college. Wife is a stay at home, hubby is a high level executive who travels by plane frequently.
We really like them, and were sad to see them list the house. Hubby informed us that they are looking to downsize, they are having trouble making ends meet and are not getting any younger. From tax records I can tell that they purchased the house for $250K, which shouldn't be a horrible mortgage. Here are the problems they aren't addressing:
Wife is very involved with the church, so lots of events are held at the house - they are paying for all the F&B.
I honestly can't tell you how many vehicles they have, most of which are SUV's and pickup trucks. I suspect there are at least 7 vehicles, all relatively new, guaranteed all financed.
Super fancy RV with all the bump outs, for the two times/year they go camping/hunting. RV is housed at a storage unit nearby.
Bunch of ATV's with the trailer required to transport them, again, for the camping trips. Also not stored at the house.
STUFF - everywhere. The garage is filled to the brim, and the house is heavily decorated, walls covered in decor, counters and furniture filled with knick knacks, serious shopping habit!
Their house has been sitting on the market, and every week, they throw out more crap and replace carpeting, in an effort to make the house more appealing. Last week, they dropped the house price by a measly 1%. By the time they sell this place, pay for closing costs/realtor fees and move, they will barely make $30K in profit. Then they still need to go find a new house to buy. Seems like there are so many better ways to cut back, but they are blind to it. Oh, and here's the kicker - there's a brand new car sitting in the driveway with the paper tags on it. I don't even think it's a replacement vehicle...