how do people afford condos in the city? properties there are so expensive. how much do y’all make to be able to buy a decent 2bed 2bath there… jesus
in order to afford 2M condo:
20% down is $200,000
30 yr fixed
mortgage is $12,000
mortgage should be 30% of post tax monthly income, aka monthly income should be 40000
yearly income is 480000 post tax……….
TC: 400k
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Depending on where in the city you’re looking, a 2BR2BA could run you anywhere from 750k to 3 mil
You can do the math, 20% down payment, 20 year mortgage. Ppl ain’t poor here
2. You compromise in size / location / cost (pick 2)
3. Most people don’t live in the extremely expensive areas. A lot of people buy reasonable apartments in the outer boroughs or houses on Long Island / Jersey.
Start a business, multiple times if needed
Invest in real estate and stocks.
Learn the tax code.
Thats it.