Who's buying all these million dollar homes?

Home prices skyrocketed since 2020 and many new SFH builds (in the Triangle) are in the $750k to +1-million range. Who's buying these houses? Are there really enough people making +$200k per year? (*if you go buy the general rule of no more than ~25% of your after tax income going toward your mortgage and high interest rates). Or are people living on the edge and barley affording payments or living in massive debt?