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"live paycheck to paycheck."
That may be generally true, but they likely have a bunch of equity in their homes, and I'll bet their retirement accounts are generous. Sure, there are some who just spend everything, but most people at that level are already "hiding" as much money as they can from taxes.
How many people actually own homes?
The ones making $500k a year own multiples.
What do you mean by own? Own as in 100% paid for - not too many. Own as in their name is on the deed, but most of the value belongs to the bank - more than half of the US.
Lots of people don't own their homes in any sense it's my point. They rent.
Their names are on the titles, they own the homes. Their banks - the mortgage lenders - hold a rights to a lien placed on the property, but they have no title to the property unless they enforce the terms of their lending contract in the event of default.
The owners making 500k may very well be just a few months from foreclosure if they lose their job, but they likely have at least 20% (likely much more unless they bought at a premium two years ago) equity and can probably salvage at least half - even after fees - if they were to become "destitute" and undertook a regular sale of the property. 10% of a million dollars (or more), for most of the country, is still a healthy sum of money.
But they own portions of it. It isn't like it's 100% the bank's house until the last payment is made. You build equity that is in fact yours. And in the last decade you could have made a killing if you'd bought a house at the right time. We sold a house last year for almost twice what we paid for it 7 years before. The bank doesn't get any of that extra money.