How much income would you consider reasonable enough to purchase a 1.5 million home?

Assuming a 20% down payment is not an issue. Credit is strong. Disregard other debt. At what Income does a 1.5 million home make sense? We live in a hot market where 1.5m is the going rate for a 2×2 condo in a decent neighborhood…. and people are buying it faster than we can consider an offer… but the number makes my stomache turn. So really, how much are all these people making? What's really a smart and responsible income level where buying a 1.5 m is ok, and how do you decide on buying your forever home vs. saving for retirement?

More real estate tips at Program Realty Wix site

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