I will likely be abnormal here on FR. I have almost exactly $1 million in debt (main house, 3 rental houses, small amount of other debt). However, my assets are worth close to $2 million. Also, my weighted average interest rate on the debt is less than 3.5%, it reduces my taxes owed, I get nice rental income and I don’t have all my eggs in the stock market. My goal is to have my assets worth $4m and no debt in about 10 years so I can retire at 45ish. Debt can be a tool if used widely, but 90+% of Americans do not use it wisely.
I know several people who were in your exact position. Then 2009 happened.