Home Alone’s McCallister Family Wealth Gets Assessed by Federal Reserve Economists Based on Their Property

Summary

• Economists conclude that the McCallister family in Home Alone were likely in the top 1% of earners based on their property.
• The filming location of the McAllister house in a wealthy suburb provides a clue to the family’s financial status.
• The novelization of Home Alone and analysis suggest that Peter is a prominent businessman and Kate is a fashion designer, indicating their wealth.

The question of McCallister’s wealth in Home Alone has been the subject of debate for decades. How could Peter and Kate McAllister afford their huge house, abundance of presents and lavish holidays? It seems that economists have the very simple answer – the McCallisters were loaded with cash.

Having been speculated about in social media posts for many years around this time of year, The New York Times decided that it was time to get a professional opinion from the Federal Reserve on the family and their seemingly endless wealth, which resulted in the conclusion that the family were most likely in the top 1% of earners based on their property.

Even before any real analysis was done, the fact that the filming location for the external shots of the McAllister house were shot on Lincoln Avenue in the Chicago suburb of Winnetka provides a big enough clue. According to Realtor.com, the suburb is among the country’s wealthiest areas, immediately giving the family a good footing on the ladder. As the NY Times elaborates:

“Working with the assumption that the McCallisters did not spend more than 30 percent of their income on housing, the economists also determined the home would have been affordable to a household with an income of $305,000 in 1990 (about $665,000 in 2022). In the middle of 2022, a similar house would cost about $2.4 million, based on the Zillow estimate for the Home Alone house. A home of that value would be affordable to a household with an income of $730,000, which would be in the top 1 percent of Chicago-area households.”

Related: Home Alone Cast: Where They Are Now

How Did the McCallisters Earn Their Money?

20th Century Fox

Although it seemed pretty obvious that the McCallisters were not short on cash, the question of how the family managed to earn so much is another matter. Although there have been several dark theories over the years, including one that Peter McCallister was involved in working for the Mob as a lawyer.

Even though a definitive answer has never been given, the novelization of Home Alone does give an idea of where the family get their income. According to Todd Strasser’s book, published back in 1990 alongside the movie’s theatrical release, Peter McCallister is said to be a “prominent businessman,” or could be a day trader, while Kate is a fashion designer, something that explains why there are so many mannequins in the house in the movie.

Based on a little analysis on Salary.com, it can be determined that the income of a successful fashion designer could be up to $500,000 a year. While it is harder to determine what “a prominent businessman” could be earning, it is easy to assume that it would be in the same region or above. In short, the McCallisters were clearly multimillionaires.

Home Alone and its sequels are available to stream on Disney+.

You can view the original article HERE.