Cost breakdown for beach home from @thenetwork.realestate
The creator walks along the Newport Beach boardwalk and breaks down the finances required to own a home there. She starts with the median home price of $4 million, calculates the 20% down payment, loan amount, and monthly mortgage based on a 6% interest rate, concluding that an annual income of around $1 million is needed. She justifies the high cost by showing the beautiful beach scenery and ends by asking viewers for their opinion in the comments.
Creator: @thenetwork.realestate on Instagram
Transcript
How much do you actually need to earn to own a home in Newport Beach? Let's break down the numbers. With a median home price of 4,000,000, it's no surprise it's one of the most expensive cities to live in The United States. Let's do the math. If you put 20% down, that's 800,000 upfront, that's leaving you alone about 2,200,000.0. With an interest rate around 6%, that's a monthly mortgage of roughly about $19,000 To comfortably afford that, you need to earn close to $1,000,000 a year. But hey, wh
Topics: Real Estate, Lifestyle
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